Point72 Asset Management has just lost its chief technology officer, Chris Corrado, who has worked at the company for the best part of 16 years.
Corrado, who was co-chief technology officer at SAC Capital Advisors before moving across to Steve Cohen’s rebranded family office Point72 Asset Management as chief technology officer in 2014, has just swapped one billionaire boss for another – joining MacAndrews & Forbes, the diverse holding company owned by Ronald Perelman, as chief information officer.
Corrado joined MacAndrews & Forbes earlier this month, having started SAC Capital in January 2001. He was initially a managing director and co-chief technology officer alongside Seetharam Gorre, who moved into the chief information officer role at Point72 in April 2014 – when Corrado became CTO.
While the CIO tends to oversee development and software choices within financial institutions, the CTO is more concerned with infrastructure and technology efficiency. Corrado claims on his LinkedIn profile that he reduced “technology operating costs by 35%”.
Technology has become increasingly important at Point72. As we reported in August, it brought in Jerrell Watts, the former head of algorithmic execution and order routing at Citadel as its new head of algo trading. Matthew Granade, its recently installed chief intelligence officer, said earlier this year that the move towards a ‘quantamental’ approach – blending systematic investing with human decision-making – meant that all new analyst hires were put through a computer programming and data science training programme.
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