Hi. Aaron Weinman here. Let's talk about interns, specifically the rigorous program on offer at Steve Cohen's $24 billion hedge fund Point72.
And of course, there's our Banker of the Week!
1. Here's how to stand out among the pack for Steve Cohen. The hedge-fund manager and New York Mets owner founded the $24.4 billion fund Point72, and its internship is one of the most sought after on Wall Street.
Importantly, a summer internship is often a precursor to the Point72 Academy — a 10-month training program for college graduates and early-career folks looking to carve out a living as an investment analyst.
The firm gets about 16,000 applications a year for Point72 Academy, but only 40 or so people make the cut each year. Therefore, impressing as an intern is one of the best ways to nab a spot.
The chosen ones go through rotations across Point72's 25 investment teams, and they also get to hone their ideas with priceless pitching skills. And who knows, maybe the interns might get to learn pitching skills with some of Cohen's Mets aces, like Jacob deGrom and Edwin Díaz.
Insider's Alyson Velati chatted with two portfolio managers and a program director at Point72, who shared the most impressive traits among the firm's summer interns.
And here's some other reporting about the hiring uncertainty on Wall Street and how early-career folks can progress:
- Here's everything we know about banks' belt tightening and how it will impact jobs and compensation
- Inside Goldman Sachs' plans to bring back the dreaded performance review
- Twelve career counselors reveal the industries where hiring is still hot
- Wall Street is racing to turn the tide on its war for tech talent against Silicon Valley
In other news:
2. Here's how Airbnb and its bankers at Goldman Sachs and Morgan Stanley scrambled to take the company public as the pandemic hit. This story is an excerpt from Insider Chief Finance 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 dealmaking continues to boom despite the market uncertainty. Meet 16 private-equity players investing in Hollywood, from Apollo to TPG.
4. Flying private has become more popular as commercial carriers struggle with high traffic. But with few private jets available, charter firms are inundated with customers. Go inside the frenzy for private planes as the rich flock to European charters.
5. The GameStop frenzy put payment for order flow on the hot seat. Here's how FTX US and Public.com plan to profit without it.
6. Robinhood Chief Executive Vlad Tenev says the company is equipped to stay independent. The app-based brokerage is more focused on its most active users, Tenev told Bloomberg in an interview.
7. Working from home is taking a toll. Companies are ditching their offices and it is set to get worse for the $2.5 trillion office-space market.
8. This beach house owner's revenues from rent jumped more than $100,000 after ditching a management company for Airbnb. Here's the exact changes Anissa Branch made for her Oregon property.
9. JetBlue won the battle for Spirit Airlines after Frontier and Spirit canceled a merger deal. The David Neeleman-founded JetBlue reached a $3.8 billion agreement for Spirit, but now it must win over President Joe Biden's Justice Department. Goldman Sachs advised JetBlue, Shearman & Sterling was its legal counsel. Barclays and Morgan Stanley advised Spirit, and Debevoise & Plimpton, and Paul, Weiss were legal counsel.
10. And here's our Friday Banker of the Week. Meet Dipanjan "DJ" Deb. He's the co-founder and chief executive at Francisco Partners.
The private-equity firm has just raised $17 billion in new capital, and Deb told Insider he's eyeing a bunch of assets throughout the tech space from adtech to healthtech.
Check out the full story here, and learn about Deb and his decision to leave one of the most well-known investment firms to start his own shop.
- Carlyle's credit platform led the debt financing to support Clayton, Dubilier & Rice's acquisition of Atalian and OCS Group. The debt package includes a so-called unitranche loan, which comprises a mixture of loans that sit 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 proceedings.
Sign up now: Ready for the next step? Whether you feel the need to get that promotion, pivot industries or simply just want to shake things up, Morning Brew offers a career Accelerator to get you where you want to go. Get all the details here.