Hedge fund hiring – Point 72 Asset Management turns to Facebook for finding new talent.
Point72 Asset Management, the $11 billion family-office hedge fund led by Steve Cohen is looking for talent on Facebook.
That’s because the historically secretive hedge fund is now using social media to attract the next generation.
“Eighteen months ago, the Firm launched a social media project to support our Mission of ‘offering the greatest opportunities to the industry’s brightest talent,'” Mark Herr, head of corporate communications, wrote in a staff memo seen by Business Insider.
“Our goal was to tailor a strategy to reach potential new employees through the media forms best suited to getting their attention and persuading them to consider Point72 for their careers.”
Point72 launched its careers Facebook page on Thursday afternoon. It had previously joined Glassdoor, LinkedIn, and Google+ as part of its social-media push.
“This is the foundation for our efforts to attract the next generation of investment and investment services professionals,” Herr wrote.
Hedge funds these days are in an arms race against one another to snap up the best talent.
In the memo, Herr pointed to a recent survey of 5,000 banking and finance candidates. Eighty-two percent of the surveyed candidates use careers sites such as LinkedIn and Glassdoor while deciding where they want to apply; 77% use social media; and 76% use Google search.
“Very simply, if you’re not looking for the next generation of talent on social media, you’re waiting on the wrong corner for your Uber to arrive,” Herr wrote.
In a keynote address at a conference earlier this year, Point72’s president, Doug Haynes, said the firm was “not capital constrained — but talent constrained.”
As a family office, Point72 manages the wealth of Cohen and some of the firm’s employees. The fund has about $11 billion in assets. The firm’s growth is based strictly on returns.
Mr. Cohen as the new owner of “Pointing Man” Mr. Cohen, founder of Point72 Asset Management, has earned a reputation in recent years for splurging on the world’s top modern and contemporary artists, from Giacometti’s “Chariot” ◄ Back Next ►…