Billionaire investor Steven Cohen wants try a homegrown approach to hiring at his massive investment portfolio and is looking to employ and train kids right out of college. Cohen, who pleaded guilty to insider trading charges as the head of SAC Capital Partners, has since created Point 72 Asset Management, a $10 billion firm that employs 850 people. The purpose of the firm is solely to invest Cohen's fortune. The firm will be creating a new recruiting website, Point72.com, Reuters reports, and is the opposite of his history of hiring seasoned investment professionals.
That seven-year contract you signed after the 2008 financial crisis about to expire? Looking to make a move? On Wall Street talked with a panel of recruiters in the wealth management industry about what to expect in 2015. The highlights: Keep an eye on the "super-regionals" like Raymond James, who are becoming anything but regional with offices nationwide, and also look at culture, not just compensation when thinking about making a move.
Northwestern Mutual Goes on a Hiring Spree
Northwestern Mutual plans to recruit 2,000 full-time financial representatives and more than 3,000 college interns this year, the life insurance company said. Ideal candidates include millennials, military veterans, career changers and college students. Full-time representatives will get training, mentoring and joint work programs for hands-on experience, the firm said.
Entrepreneurship Up in Africa, Down in Europe
The latest report from the Global Entrepreneurship Monitor, a joint venture started in 1999 by Babson College and the London Business School, found that entrepreneurship around the world seems to finally have recovered from the recession. In the U.S., entrepreneurship rose to nearly 14 percent in 2014 after reaching a low of 7.6 percent in 2010. Africa shows the most ability to pursue an entrepreneurial enterprise while countries in the European Union are the least optimistic about opportunities and most fearful of failure.
