After a year of scandal, beleaguered hedge fund SAC Capital is renaming itself as Point72 Asset Management, The New York Times reported on Tuesday.
Run by billionaire investor Steven A. Cohen and christened with his initials, SAC made the announcement in a letter to employees, which will become effective next month. Last November, SAC paid $1.2 billion in a settlement with regulators over securities fraud charges.
"In the aftermath of our settlement with the government, Steve and senior management considered whether our path forward as a family office would be simpler if we operated with new legal entities and new names," the firm said. "We concluded it would."