We were very eager for the launch of former Point72 Asset Management President Doug Haynes’ new hedge fund. And not simply because Haynes has never actually managed money: He went from top McKinsey & Co. analyst to lead Steve Cohen babysitter, for as long as the authorities required Cohen to have a babysitter, anyway, and then back to consulting.
No, it’s because we couldn’t wait to see how this self-professed expert on the use of language would deploy it on Norias Research Group’s whiteboards (irreproachably, if the arbitrator is to be believed) and with the firm’s female employees, if in fact it had any.
Alas, in spite of an appetite for multi-strategy hedge funds so insatiable that pensions and endowments began starting their own in-house to fill their demand, no one else was nearly as eager as we were.
“We were unable to secure a sufficient base of day one investors to launch,” Norias told potential clients in a letter seen by Bloomberg. The letter noted that Norias had already built a staff of 30 professionals and developed its trading infrastructure before deciding to pull the plug.
Ex-Point72 President Haynes Abandons Plan to Start Hedge Fund [Bloomberg]
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- Source: https://dealbreaker.com/2024/09/there-are-limits-to-investor-appetite-for-pod-shops
