Longtime Point72 PM exits for Millennium

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Longtime Point72 PM exits for Millennium

A Point72 portfolio manager who has spent his last 20 years with the firm has resigned and is headed to Millennium Management. Emilio Masci, formerly of EverPoint Asset Management, a long/short equity division of Point72, is set to start with Millennium in the New York area.

Masci was clearly valued by Steve Cohen. He’s been working with the hedge fund manager since 1999, and began his career at SAC Capital. SAC became Point72 and turned into a family office in 2014 before accepting outside capital again in 2018. Masci was there all along.

Point72 confirmed the departure but declined to comment further. Millennium declined to comment. Masci didn’t immediately return a request for comment.

Millennium has been extremely active on the hiring front. Last year alone, it was said to have hired roughly 300 people, well more than half of whom classified broadly as "investment staff." The fund has around 200 teams of traders that operate independently of one another, though they all feed into the same single multi-strategy fund. It's the closest you can probably get to running your own fund, without all the hassle of actually doing so. When he arrives, Masci is likely to build a new team. 

Hedge funds have generally performed well in 2019 after many disappointed a year ago. Millennium and Point72 were up 1.7% and 3.05%, respectively, through the end of February, according to Bloomberg.

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