Jaimi Goodfriend Joins Cohen's Point72 Training ProgramJaimi Goodfriend, a hedge fund industry veteran, has been appointed by Steve Cohen's $11 billion firm Point72 Asset Management to head a new training program designed to pass the billionaire investor's famous stock picking skills to a new generation as he rebuilds after an insider trading scandal.
The academy has accepted 15 undergraduates out of 1,300 applicants into an eight-week summer internship. It picked 15 college graduates from several hundred applicants for a longer program that will teach financial modeling, stock research, securities laws, ethics and compliance. The paid summer internship begins in June while the longer Academy class program commences in August.
"We compete with the major banks, private equity firms and Silicon Valley for the same people," said Point72 President Douglas Hayes. "The Academy will help us get first crack at the next generation of investor talent before they might go elsewhere."
Cohen is not expected to teach any classes. Still, he will have contact with trainees from his seat at the center of the trading floor, a firm spokesman said.
The first trainees, from schools including Yale, Columbia, and Cohen's alma mater the University of Pennsylvania, will be mentored by senior analysts and portfolio managers and are likely to be promoted into Point72's fulltime ranks after completing the program.Source: Financial Times