Photographer: Emile Wamsteker/Bloomberg

Point72's Oda Leaving to Open His Own Japan-Focused Hedge Fund

  • Singapore-based Oda to start Blue Swell Asset Management
  • Was autonomous unit of family office Point72 since last year

Tomofumi Oda, a portfolio manager at billionaire Steven Cohen’s Point72 Asset Management, is leaving the $11 billion family office to start his own firm betting on rising and falling Japanese stocks.

Oda will leave Point72 at the end of the year, according to a memo seen by Bloomberg. The Singapore-based portfolio manager had started Blue Swell Asset Management last year as a unit of Point72 to have greater autonomy after running a Japan equity strategy at the firm for six years.

“Our firm has a history of training and developing some of the industry’s greatest investors,” according to the memo, signed by Cohen and President Doug Haynes. Oda joins “a cohort of highly successful PMs who have graduated from the firm and launched their own funds.”

Point72 and its predecessor SAC Capital Advisors has seen many former traders start their own independent businesses after building successful records under Cohen. Spinoffs in recent years include Gabriel Plotkin’s Melvin Capital and David Rosen at Rubric Capital Management.

Molly Binenfeld, a Hong Kong-based spokeswoman for Point72, declined to comment on the memo, and didn’t disclose details on Oda’s performance or how much money he manages.

Hedge funds betting on falling and rising stocks in Japan returned 12 percent this year through the end of November, on track to yield the strongest performance since 2013, according to data provider Eurekahedge Pte.

Point72, which manages Cohen’s fortune, was created after SAC Capital Advisors pleaded guilty in 2013 to securities fraud. The firm agreed to pay a record $1.8 billion fine, returned outside money and converted from a hedge fund into a family office. Cohen has since struck a deal with the U.S. Securities and Exchange Commission that would allow him to resume managing outside money as early as January 2018.

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