By Christopher Zinsli
Point72 Asset Management, the hedge-fund firm founded by
billionaire Steven A. Cohen, has taken new stakes in BlackBerry
Ltd. and Booz Allen Hamilton Holding Corp., according to a
regulatory filing.
Point72 purchased 11.2 million shares of BlackBerry and 1.1
million shares of Booz Allen Hamilton Holding Corp.
The firm is betting on a successful turnaround of BlackBerry,
which has seen its share of the global smartphone market tumble in
recent years.
Point72 also significantly increased its holding in Liberty
Global PLC.
The firm, formerly SAC Capital Advisors LP, has changed
drastically amid a federal investigation into insider trading at
the firm.
Eight current or former SAC employees were convicted of or
pleaded guilty in the biggest Wall Street insider-trading
investigation in history. Many of the firm's other managers have
left. The firm, once one of the nation's top-performing hedge-fund
managers, paid a fine of nearly $1.2 billion and agreed to cease
managing outside money.
Amid the investigation, the firm has encouraged its managers to
focus on dealmaking.
Mr. Cohen has denied involvement but could face a civil suit by
the Securities and Exchange Commission for inadequately supervising
employees.
Write to Christopher Zinsli at christopher.zinsli@wsj.com
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