Point72 Asset Management is forming a new executive committee to oversee the hedge fund’s increasingly sprawling empire.
Billionaire founder Steve Cohen — the chairman, CEO, and co-CIO of the firm — told staff in an internal memo Thursday that he will lead the new leadership group.
The committee includes four other current executives: co-chief investment officer Harry Schwefel, chief operating officer and chief financial officer Gavin O’Connor, general counsel and chief compliance officer Vincent Tortorella, and chief of staff and head of external affairs Michael “Sully” Sullivan.
The announcement comes as the hedge fund hit $50 billion in assets under management this month. It also puts a formal stamp on a leadership structure that had taken shape as the firm grew from an $11 billion equities-focused fund when it relaunched in 2018 to one of the world’s largest hedge funds eight years later. Its head count over that span has grown from 1,200 to more than 3,300.
“As we continue to pursue the growth of existing and new strategies, I want to ensure our management structure matches our current scale and growth ambitions,” Cohen wrote in the memo seen by Business Insider. A company spokesperson confirmed the contents of the memo.
Cohen’s involvement in the firm — he no longer trades a book personally but runs the firm day-to-day and still convenes its risk calls each morning — is not changing, a company spokesperson said.
Some of the executives’ official titles and responsibilities will shift with the formation of the committee.
Here is what Cohen said in the memo:
- Harry will be President and Co-CIO. Harry joined the firm as a PM in 2008, has served as Co-CIO alongside me since 2018, and understands both the synergies and differences across our strategies. Harry will work with Mo Grimeh, Head of Global Macro and Geoffrey Lauprete, Head of Cubist Systematic Strategies to deploy enterprise-wide portfolio analytics (PCAT) resources that are reflective of the unique characteristics of each business and are designed to both support our PMs and aid comprehension at the firm level.
- Gavin will be Executive Vice President, responsible for driving the commercial success of the firm and closer alignment between our investment strategies and the broader organization, ensuring we are positioned to support performance at scale. He will oversee Strategy, Risk, Treasury, Market Intelligence, Technology, and Investor Relations.
- Vinny will be Chief Operating Officer and will lead Investment Services more broadly with a focus on ensuring that the firm operates with strong controls and a scalable, enterprise-wide mindset. In this role, Vinny will oversee Finance, Human Resources, and the CAO organization in addition to Legal, Compliance, Intelligence, and Inclusion & Community.
- Sully will continue in his current role as my Chief of Staff and overseeing Government Relations and Corporate Communications. He will also continue leading the Metropolitan Park project that is developing the land around Citi Field.
In addition to the growth of its calling card fundamental equities business — which was split into two separate brands this year — and its quant-trading division Cubist, the firm’s nearly five-fold asset growth has accompanied the birth of several new business units. These include a macro trading unit with 50 PMs, an AI-focused equities fund, Turion, with nearly $4 billion in assets, a private credit fund, and a venture investing team.
Over the last two years, Point72 has added $18 billion in AUM and bested its closest competitors, Citadel, Millennium, and Balyasny, on performance, returning 19% and 17.5% in 2024 and 2025, respectively.
The firm was up 3.8% through March this year, Business Insider previously reported.
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