Hi. Aaron Weinman here. Let’s talk about interns, specifically the rigorous program offered by Point72, Steve Cohen’s $24 billion hedge fund.
And of course, there is our banker of the week!
Let’s go?
If this was forwarded to you, register here. Download the Insider app here.
Steve Cohen leads Point72 Asset Management
Lucy Nicholson/Reuters
1. Here’s how to stand out among the pack for Steve Cohen. The hedge fund manager and owner of the New York Mets founded the $24.4 billion Point72 fund, and his internship is one of the most sought after on Wall Street.
Above all, a summer internship is often a precursor to the Point72 Academy – a 10-month training program for college graduates and young career starters looking to earn a living as an investment analyst.
The company receives approximately 16,000 applications per year for Point72 Academy, but only around 40 people are selected each year. Therefore, impressing as an intern is one of the best ways to land a spot.
Elected officials rotate through Point72’s 25 investment teams, and they can also hone their ideas with invaluable presentation skills. And who knows, maybe the interns could learn to pitch with some of Cohen’s Mets aces, like Jacob deGrom and Edwin Díaz.
Insider’s Alyson Velati spoke with two portfolio managers and a program director at Point72, who shared the most impressive traits among the company’s summer interns.
And here are more stories about job uncertainty on Wall Street and how early-career people can progress:
In other news:
Stefanie Keenan, Tolga TEZCAN, picture alliance, fotograzia/Getty; Airbnb; Anna Kim / Insider
2. Here’s how Airbnb and its bankers at Goldman Sachs and Morgan Stanley scrambled to take the company public when the pandemic hit. This story is an excerpt from Insider Chief Financial Correspondent Dakin Campbell’s new book “Going Public: How Silicon Valley Rebels Loosened Wall Street’s Grip on the IPO and Sparked a Revolution.”
3. Media deals continue to thrive despite market uncertainty. Meet 16 private equity players investing in Hollywood, from Apollo to TPG.
4. Private flights have become more popular as commercial carriers grapple with high traffic. But with few private jets available, charter companies are inundated with customers. Enter the private plane frenzy as the wealthy flock to European charters.
5. The GameStop frenzy has put order flow payment in the hot seat. Here’s how FTX US and Public.com plan to profit.
6. Robinhood CEO Vlad Tenev says the company is equipped to remain independent. App-based brokerage is more focused on its most active users, Tenev said Bloomberg in an interview.
7. Working from home is expensive. Businesses are abandoning their offices and the situation is expected to worsen for the $2.5 trillion office market.
8. This beach house owner’s rental income jumped over $100,000 after he ditched a management company for Airbnb. Here are the exact changes Anissa Branch made to her Oregon property.
9. JetBlue won the battle for Spirit Airlines after Frontier and Spirit called off a merger deal. JetBlue, founded by David Neeleman, has struck a $3.8 billion deal for Spirit, but now it must convince President Joe Biden’s Department of Justice. Goldman Sachs advised JetBlue, Shearman & Sterling was its legal advisor. Barclays and Morgan Stanley advised Spirit, and Debevoise & Plimpton, and Paul, Weiss were legal advisers.
Dipanjan ‘DJ’ Deb, co-founder and CEO of Francisco Partners
Francisco Partners
10. And here is our Friday banker of the week. Meet Dipanjan “DJ” Deb. He is co-founder and managing director of Francisco Partners.
The private equity firm just raised $17 billion in new capital, and Deb told Insider he’s considering a bunch of assets in the tech space, from adtech to healthcare.
Check out the full story here and learn about Deb and her decision to leave one of the best-known investment firms to start her own boutique.
Offers concluded:
- Carlyle Credit Platform Led Debt Funding to Support Clayton, Dubilier & Rice acquisition of Atalian and the OCS group. The debt package includes a so-called unitranche loan, which includes a mix of loans that rely on various parts of a company’s capital structure.
- Ardian, Groupe Casino, Bpifrance and Tikehau Capital will acquire a majority stake in GreenYellow, a French energy company. Ardian’s infrastructure team led the discussions.
Register now: Ready for the next step ? Whether you feel the need to get that promotion, pivot industries, or just shake things up, Morning Brew has a career booster to get you where you want to go. Get all the details here.
Organized by Aaron Weinman in New York. Tips? E-mail [email protected] or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.
Comments are closed.