President of Steven A. Cohen’s hedge fund Point72, Thomas Conheeney, is the latest of over a dozen top employees to leave the firm this year, the New York Times reported Monday.
Conheeney was also the president of Cohen’s previous hedge fund, SAC Capital, which came under fire by the SEC for insider trading charges. The closed firm pleaded guilty to the charges in April.
Along with Conheeney, SAC Chief Operating Officer Solomon Kumin, SAC Head of Compliance Steve Kessler, portfolio manager Gabriel Plotkin, and several other prominent portfolio managers also left Cohen’s fund in the past year. Kumin and Plotkin are both looking to raise money to set up their own separate funds, NYT said.
In a email to his employees, Cohen said that Conheeney’s departure was “mutual and amicable.”
According to the NYT, the email continued: “The last few years have been the most difficult our firm has faced. The 2008 financial crisis and the 2010 aftershocks tested us, and just as we thought we were returning to ‘normal,’ we were rocked by revelations of insider trading by former employees. Tom’s leadership helped our firm survive these difficult times. We faced ordeals that would have put most other companies out of business,”
Conheeney will be succeeded by Douglas Haynes, who came aboard in February, formerly a director at McKinsey & Company.
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