London - Point72 Asset Management LP, Steven A. Cohen’s family office, hired Goldman Sachs Group prime broker Seiji Onoe to head its Japan operations, said a person with knowledge of the matter.
Onoe will start his new job at the successor company to Cohen’s hedge-fund firm SAC Capital Advisors LP in July, said the person, who asked not to be identified as the information is private. Jonathan Gasthalter, a spokesman for Point72 at Sard Verbinnen & Company in New York, declined to comment.
Employees are leaving global banks, which are facing tighter regulatory and public scrutiny on capital, trading activities and compensation after the 2008 global financial crisis. Against this backdrop, such moves can be considered rational career management decisions, whereas seven or eight years ago they could have been more negatively perceived, said Paul Smith, the CFA Institute’s Asia-Pacific managing director.
“Opportunities in the banking sector are becoming harder to come by as traditional forms of financing continue to be squeezed by a combination of increasing regulation, the need to deleverage balance sheets and investors’ lack of trust and confidence in the sector,” Smith said.
Onoe will oversee the Stamford, Connecticut-based company’s Japan staff, including fund managers and analysts, in the newly created position, the person said. He will be responsible for business development, regulatory compliance, professional development and performance management of the Japan team, said the person.
Among others, Millennium Management LLC hired Kazutoshi Ohkubo, former Barclays head of Japan equities, as chief executive officer for its business in the country, two people with knowledge of the matter said in May.
SAC agreed in November to pay a record $1.8 billion and plead guilty to securities fraud to settle allegations of insider trading. As part of the settlement, Cohen agreed to close SAC and return client money. Point72 oversees about $10 billion.
Onoe spent more than 10 years at Goldman Sachs, most recently as an executive director for prime brokerage sales in Tokyo. He also worked on the equity sales team, said the person. Banks’ prime brokerage units provide services to hedge funds such as clearing trades, lending stocks and cash, and linking them to potential investors.
Miyako Takebe, a Tokyo-based spokeswoman for Goldman Sachs, declined to comment, citing a company policy of not confirming departures. Onoe could not immediately be reached for comment.
Steve Glynn, a former Morgan Stanley managing director, joined Moore Capital Management LLC as a Hong Kong-based fund manager, Sharron Silvers, a spokeswoman at Burson-Marsteller in New York for the hedge-fund firm with $14.9 billion of assets and run by Louis Moore Bacon confirmed today.
Glynn, Asia-Pacific head of fixed income at his resignation in March, spent 14 years at the Wall Street bank, Nick Footitt, a Hong Kong-based spokesman said at the time. - Bloomberg