Point72 Makes Largest-Ever Bet on Its Star Trader’s Launch

One of Point72 Asset Management’s star traders is leaving to launch his own hedge fund and has secured the largest initial backing the firm has ever granted to a departing trader.

Veteran portfolio manager Alex Silverstein is spinning out his health-care trading team and the money it manages to start Sirenia Capital Management, according to an internal Point72 memo seen by Bloomberg. Point72 will be the largest day-one client of Sirenia, investing hundreds of millions of dollars into the fund, according to a person with knowledge of the matter.