"To many inside Cubist Systematic Strategies - the roughly $7 billion quant division of Steve Cohen's hedge fund Point72 Asset Management - the ouster of president Denis Dancanet last month came as a shock. When Cohen's September 10 memo announcing the change landed, Dancanet had already begun preparing for year-end performance reviews, and scheduled meetings that day - including with job candidates - were abruptly canceled, according to people familiar with the matter."
"In town halls and smaller meetings, Point72 leadership reaffirmed its commitment to its roster of 60 independent trading teams and the centralized investing unit that Dancanet built starting in 2020. "There are no plans to cut [portfolio managers] or investment teams - we remain focused on attracting great talent and growing Cubist," a Point72 spokesperson said in a statement to Business Insider."
Point72 replaced Cubist president Denis Dancanet in an abrupt leadership change announced via Steve Cohen's September 10 memo. Employees were surprised because Dancanet was preparing year-end performance reviews and had scheduled meetings, including with job candidates, canceled that day. Geoffrey Lauprete, ex-WorldQuant CIO and a recent hedge-fund-launch planner, succeeded Dancanet. Rumors of cuts and executive departures circulated but leadership held town halls and smaller meetings to reassure staff. Point72 reaffirmed commitment to its roster of 60 independent trading teams and the centralized investing unit Dancanet built beginning in 2020. Issam Bazzi signed a long-term contract extension after discussions with Cohen. Cubist's performance remained strong overall, positive in 2025 despite summer losses.
Read at Business Insider
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