Point72 Asset Management
Speaking at the annual Milken Institute Global Conference in
Los Angeles this May, hedge fund manager Steven Cohen remarked
on the scarcity of top traders and investors. Frankly,
Im blown away by the lack of talent, said the
founder, chairman and CEO of Point72 Asset Management.
Its not easy to find great people. We whittle down
the funnel to maybe 2 to 4 percent of the candidates were
interested in. Talent is really thin.
At Point72, Cohens approximately $11 billion family
office, its Maureen Changs job as a director in
investment talent development to assist with identifying those
2 to 4 percent who make the cut for a seat on the investing
team at the Stamford, Connecticutbased firm.
Chang, 35, began her own Wall Street career at Merrill Lynch
& Co. After earning an economics degree from Tufts
University in 2003, the Worcester, Massachusetts, native moved
to New York. Chang, whose parents are small-business owners,
first worked for a technology start-up and for financial
services data provider Dealogic. But she soon followed her
older brother into banking, getting a job in equity research at
Merrill Lynch in New York, where she reported to an analyst who
covered investment banking.
Despite winning a promotion to associate, Chang recognized
that life as an equity analyst following one group of
companies forever wasnt for her. In 2007 she
switched to specialty sales, staying in that role through the
global financial crisis and after Bank of America Corp.
acquired Merrill Lynch as part of the government-brokered
emergency measures of late 2008 aimed at fending off a broader
collapse of the investment banking industry. The merger
resulted in a surfeit of people in several roles, and Chang was
among those who found themselves on the outside. She quickly
landed a post in institutional equity sales with independent
ISI Group in New York, where she stayed before moving to
Point72 early last year. Cohen is counting on Chang to help
build up his bench.
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