According to Bloomberg News, Steve Cohen's new hedge fund - Point72 Asset Management - predicted it would attract $10 billion. So far, that's only been about $3 billion. That's one sign it's off to a challenging start.
Superlawyer David Boies had negotiated with the SEC to allow Cohen to handle investor money, after a two-year ban. That ban ended this month. Until recently, Cohen had been managing a family office.
Another sign of a rocky launch is the possible negative publicity from discrimination lawsuit - "Bonner v. Point72 Asset Management" - filed in federal court yesterday.
The plaintiff is Lauren Bonner, an associate director. She oversees talent analytics and manages 14 professionals. She was hired in August 2016. Alleged darkness fell fast.
In her lawsuit she contended:
- Few women hired and promoted
- Paid less than males doing similar duties
- Only one female portfolio manager and one managing director
- Posting of inappropriate term in public setting.
Since women currently have their own wealth, they could choose not to invest with Cohen. In addition, lawsuits are a distraction. This one is in play just when Cohen probably assumed he was finally finished with legal problems.
Bonner is represented by the Wigdor law firm.
Irritated with your communications results? Complimentary consultation. No pressure. Please contact Jane Genova email@example.com.