Name of the Week: Point724 Apr 2014
It’s hard to open the business pages of the newspaper these days without seeing an article on SAC Capital – the hedge fund owned by billionaire investor Steven A. Cohen.
Based on insider trading transgressions, the fund will only manage Cohen’s rumored $6B personal fortune and will no longer be allowed to receive funds injected by outside investors.
All the negative press around SAC has clearly tarnished the firm’s reputation so what better time than to re-christen the company and fund?
On Monday, SAC Capital announced a new corporate identity: ‘Point72 Asset Management’. The name might seem a curiously odd choice except when you discover that the firm’s offices are located at 72 Cummings Point in Stamford, Connecticut.
From a brand consultant’s perspective, it seems slightly odd to rebrand an eponymously named hedge fund when all the funds come from the founder, however, the name is distinctive, memorable and surprisingly non-hubristic.