Key Takeaways
- • Laura Sterner, global head of capital development and investor relations at Point72 Asset Management, is departing after nearly a decade with Steve Cohen's $37 billion hedge fund to assume a senior role at a healthcare venture.
- • Sterner was instrumental in Point72's $4 billion fundraise in 2018 when the firm reopened to external capital following Cohen's two-year regulatory bar on managing outside cash, and served as the firm's "primary point of contact with external investors."
- • Point72's assets have more than doubled since 2020, and the firm generated 19% returns in 2024—trailing only Schonfeld among peer funds while outperforming larger rivals Citadel and Millennium.
- • The departure marks significant leadership transition at Point72 at a time when the firm plans to return up to $5 billion in capital to investors in 2025 following strong 2024 performance.
Summary
Laura Sterner, the global head of capital development and investor relations at Point72 Asset Management, is leaving Steve Cohen's $37 billion hedge fund after nearly a decade of service. According to three sources with knowledge of the matter, Sterner is transitioning to a senior position within a healthcare venture. Her departure represents a notable loss for the firm, which has described her as its "primary point of contact with external investors."
Sterner joined Cohen in 2015, when Point72 was initially managing his personal capital, and became a central figure during a pivotal expansion phase. She played an integral role in the firm's approximately $4 billion fundraise in 2018, the year Point72 reopened its doors to external investors after Cohen completed a two-year regulatory prohibition on managing outside capital. This restriction followed a settlement with federal regulators investigating insider trading at SAC Capital, Point72's predecessor. SAC pleaded guilty and paid a $1.8 billion fine, though Cohen himself was neither charged nor required to admit liability.
The timing of Sterner's departure comes as Point72 experiences substantial asset growth and strong investment performance. Since 2020, the firm's assets under management have more than doubled. In 2024, Point72 delivered a 19% return, trailing only Schonfeld among comparable hedge funds while outperforming larger competitors including Citadel and Millennium. According to The Wall Street Journal, the firm plans to return up to $5 billion in capital to investors during 2025, reflecting confidence in its operational and investment execution following the robust prior year.
Sterner's exit follows a period of significant organizational growth for Point72, during which the firm has expanded its investor base and capital base considerably. The loss of her leadership in investor relations and capital development may present a succession challenge, though the timing of her departure aligns with a phase of capital return rather than aggressive capital raising.
Sterner joined Cohen in 2015, when Point72 was initially managing his personal capital, and became a central figure during a pivotal expansion phase. She played an integral role in the firm's approximately $4 billion fundraise in 2018, the year Point72 reopened its doors to external investors after Cohen completed a two-year regulatory prohibition on managing outside capital. This restriction followed a settlement with federal regulators investigating insider trading at SAC Capital, Point72's predecessor. SAC pleaded guilty and paid a $1.8 billion fine, though Cohen himself was neither charged nor required to admit liability.
The timing of Sterner's departure comes as Point72 experiences substantial asset growth and strong investment performance. Since 2020, the firm's assets under management have more than doubled. In 2024, Point72 delivered a 19% return, trailing only Schonfeld among comparable hedge funds while outperforming larger competitors including Citadel and Millennium. According to The Wall Street Journal, the firm plans to return up to $5 billion in capital to investors during 2025, reflecting confidence in its operational and investment execution following the robust prior year.
Sterner's exit follows a period of significant organizational growth for Point72, during which the firm has expanded its investor base and capital base considerably. The loss of her leadership in investor relations and capital development may present a succession challenge, though the timing of her departure aligns with a phase of capital return rather than aggressive capital raising.
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