Point72, Formerly SAC Capital, Bets on BlackBerry and Booz Allen

By Dow Jones Business News, 
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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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  05-15-141639ET
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