- The head of Point72's Cubist unit, Ross Garon, is retiring and leaving the firm at mid-year, according to a memo from billionaire Steve Cohen sent this morning.
- Previously, Garon worked at D.E. Shaw, one of Cubist's main competitors, and founded his own hedge fund, Tykhe Capital, which was named after the Greek god of fortune.
- Garon joined Point72's predecessor, SAC Capital, in 2009.
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One of Steve Cohen's top quant investors and head of the firm's Cubist unit is leaving the firm in the middle of the year, according to a memo sent by Cohen this morning that was seen by Business Insider.
Ross Garon, who joined Point72's predecessor SAC Capital in 2009, is retiring after more than a decade leading of Cohen's quant strategies.
Garon previously worked for D.E. Shaw, one of the other prestige quant hedge funds in the industry, and founded his own fund, Tykhe Capital, which was named after the Greek god of fortune.
The memo, which was confirmed by a spokeswoman for the firm, states Garon will work with the firm to find his replacement. While quant funds had a tough 2019, with long-time players like AQR and WorldQuant struggling alongside new entrants like Philippe Laffont's quant-only strategy, Point72 had a strong year, according to the memo.
"Ross and the Cubist senior management team have built a platform to attract top talent and allow our systematic PMs, researchers, programmers, and traders to live up to their full potential. As a result, Cubist has consistently produced strong returns and 2019 was no exception – it was the second-most profitable year in Cubist's history," the memo from Cohen states.
"With the business on solid footing, Ross felt that this was the right time to retire from the Firm."
A story in industry publication Hedge Fund Alert on Garon's hire in 2009 notes that he was tasked with running the quant efforts, taking over for Neil Chriss, who had left SAC to start Hutchin Hill. Chriss has since started another quant fund with backing from Millennium founder Izzy Englander after Hutchin Hill closed in 2017.
In a statement to Business Insider, Point72 said "Cubist remains an important part of our business as we continue to expand the use of systematic strategies across Point72," and that Garon will retire in "the coming months."
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