Point72 creating new equities unit, expanding stock-picking operations

Investing.com -- Steve Cohen’s Point72 Asset Management is establishing a new equities unit as part of an expansion of its stock-picking operations, joining other large multistrategy hedge funds that run multiple equity businesses.

In a note to employees reportedly distributed on Monday and quoted by Bloomberg, billionaire founder Cohen stated that the firm has "meaningfully increased both team count and capital allocation in our fundamental equities strategy." Point72 will organize its equities teams into two business units starting January 1.

The existing operations will continue under the Point72 Equities name, while the newly created unit will be called Valist Asset Management. This restructuring follows a trend among major multistrategy hedge funds that operate several stock-picking businesses simultaneously.

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