* Schwefel named president, joins new executive committee
* Cohen remains chairman, CEO and co-CIO of Point72
* Cohen to head new committee, sign off on major
decisions
LONDON/NEW YORK, April 30 (Reuters) – Steve Cohen, the
founder of Point72, is handing the title of president to his
co-chief investment officer Harry Schwefel and forming a new
executive committee that will be responsible for day-to-day
operations of the $50 billion multi-strategy hedge fund, an
internal memo seen by Reuters on Thursday showed.
The committee will include Schwefel and other senior Point72
executives Gavin O’Connor, Vincent Tortorella and Michael
“Sully” Sullivan, Cohen said in the memo to employees.
Cohen, a billionaire who is also the owner of the New York
Mets baseball team, will chair the committee and continue to
operate as chairman, CEO and co-CIO of the multistrategy hedge
fund, while the new group will partner with Cohen to oversee the
strategy and direction of the firm, he added.
Cohen will run every meeting and sign off on decisions the
committee makes.
O’Connor will become executive vice president at Point72,
overseeing its strategy, risk, treasury, market intelligence,
technology and investor relations operations. Tortorella will
take on the role of chief operating officer. Sullivan will
continue in his current role as chief of staff at Point72.
“Over the past few years our firm has grown across virtually
every metric – AUM, headcount, global footprint. 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 said in the memo.
The firm, which has more than 3,000 employees, delivered net
returns of 19% and 17.5% in 2024 and 2025, respectively, Reuters
previously reported.
NEW GENERATION OF LEADERS
The latest developments come at a time when other global
multi-strat funds are making similar moves to develop a new
generation of leaders, with an eye toward long-term succession
planning.
Cohen has no plans to leave the firm, a Point72 spokesperson
said, adding that as the co-CIO he will continue to work closely
with Point72’s investment teams.
“In many ways, these changes reflect and formalize how the
firm has been operating. Harry, Gavin, Vinny and Sully have been
in key leadership roles here for a long time, and I’m confident
this new structure will help us stay disciplined and
collaborative as we continue to grow,” Cohen said.
Since Cohen stopped trading and running a portfolio in 2024,
he has been spending more time focusing on the long-term
strategy and growth initiatives at the firm.
The note added that Schwefel, who joined the firm as a
portfolio manager in 2008, will work with Mo Grimeh, head of
global macro, and Geoffrey Lauprete, head of Cubist Systematic
Strategies, the quantitative investing arm of Point72.
The firm’s macro business has grown bigger since Grimeh
started leading it in 2020. It now houses more than 50 portfolio
management teams that trade most asset classes, compared to 12
portfolio managers who were mostly focused on trading rates and
foreign exchange in developed markets in 2020.
Beyond its flagship fundamental equities, quantitative and
macro funds, Point72 houses a new AI-focused fund called Turion.
Point72 also started building out a private credit business in
2025 and plans to raise a separate fund for that strategy in the
near future.