Point72 Asset Management, formerly SAC Capital Advisors, has hired a chief surveillance officer.
The New York Times reported that the hiring of Vincent Tortorella in the newly-created role is part of founder Steve Cohen’s effort to revamp the firm’s image by curbing insider trading.
Tortorella was most recently the general counsel for New York-based hedge fund firm Coatue Management. Before that, he was a prosecutor in the United States attorney’s office for the Southern District of New York and general counsel with Guidepoint Global, a networking firm that specializes in matching up hedge fund traders and analysts with industry consultants.
Point72, known as SAC Capital up until Monday, pled guilty to insider trading last November. It also agreed to pay a record $1.8 billion fine and to be barred from managing external capital for five years, which is pending approval from U.S. District Judge Laura Taylor Swain.
Point72, which had about $14 billion in total assets under management as of last year, is expected to manage about $9 billion for founder Steve Cohen once the firm completes its transition to a family office.