Point72 Asset Management, the $11 billion family-office hedge fund led by Steven A. Cohen, has officially joined 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 memo to staff 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.
“We are convinced we offer unparalleled career choices. Our social media presence will mean that the candidates we seek will hear the best argument for why to work here from us directly.”
Hedge funds these days are in an arms race against each other to snap up the best possible talent.
In the memo, Herr pointed to a recent survey of 5,000 banking and finance candidates, which found that 82% of the candidates use careers sites such as LinkedIn and Glassdoor; 77% use social media as they decide where they want to apply; and 76% use Google search in pursuit of their next career move.
“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 is “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.
That means the fund needs the best possible talent.
Point72’s head of human capital, Mike Butler, told Business Insider recently that the firm had been investing heavily in talent, particularly growing younger talent through initiatives such as the Point72 Academy.
That’s because there’s been a sea of change in the industry, with investment-banking classes shrinking and more young workers heading to Silicon Valley, making it difficult to hire top talent.