July 23 (Bloomberg) -- Point72 Asset Management LP, the firm that manages billionaire Steven A. Cohen’s money after he shut down hedge fund SAC Capital Advisors LP, hired Scott Braunstein from JPMorgan Chase & Co.’s asset management unit.
Braunstein, 50, joins as a money manager and will work with Anna Yaeger at the firm’s EverPoint Asset Management LLC unit in New York, according to an employee memo sent today. He spent 12 years at JPMorgan Asset Management covering healthcare stocks with a focus on biotechnology and pharmaceuticals. Braunstein is the brother of JPMorgan’s vice chairman and former Chief Financial Officer Doug Braunstein.
Cohen, who is worth $11 billion, according to the Bloomberg Billionaire’s Index, closed SAC Capital after the firm agreed last year to pay a record $1.8 billion and plead guilty to securities fraud to settle allegations of insider trading. His Stamford, Connecticut-based firm has suffered from departures of money managers, including Gabriel Plotkin, who plans to leave this year to start his own hedge-fund firm.
Jonathan Gasthalter, a spokesman for Point72 at Sard Verbinnen & Co., declined to comment on the memo. A message left at Braunstein’s home phone wasn’t immediately returned.
At JPMorgan, Braunstein was a co-portfolio manager of its Global Healthcare Fund with Anne Marden. The fund, which started in October 2009, returned an annual average 24 percent in the past five years, beating 86 percent of rivals. Braunstein told New York-based JPMorgan in June that he was quitting, according to a statement on the company’s website.
Before JPMorgan, Braunstein worked at Deutsche Bank AG and was previously a doctor at Albert Einstein College of Medicine and Cornell University, according to the employee memo. He starts at Point72 in October.
Investments in healthcare stocks was one of the areas that led to the criminal charges against former money managers at SAC Capital. Mathew Martoma, this year was found guilty of using tips about drug trials to profit in what prosecutors described as the biggest insider trading case.
Cohen’s firm said in March that it hired Kimberlee Frasso as a compliance officer focusing on health care, and in April added Vincent Tortorella as chief surveillance officer.
To contact the editors responsible for this story: Christian Baumgaertel at email@example.com Mary Romano, Pierre Paulden