Point72 Asset Management, the family office managing the wealth of Steven A. Cohen, is reportedly planning to set up an advisory board to strengthen its management.
Mark Herr, a spokesman at Point72, told The Wall Street Journal that the new board is likely to have five members and to be in place in 2015.
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Point72 has started searching for potential candidates, who will be paid a stipend amount following the appointment.
The members of the advisory board will advise on matters such as management, ethics, compliance and technology.
Additionally, the firm has also overhauled its compliance, compensation and hiring programs.
Herr said that any decisions regarding the role and make-up of the proposed panel would be made solely by Cohen and Point72 president Douglas Haynes.
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By GlobalDataHerr also added that the firm has no plans to manage outside money and will also not allow its advisory-board members to invest in its funds as people affiliated with the firm.
"We have labored for a year to demonstrate to the world that we are committed to acting with the highest ethical standards and with integrity at all times," Herr said.
