Point72 Asset Management’s President Thomas Conheeney will leave the hedge fund giant, according to reports.
Founded by Steven A. Cohen in 1992, the hedge fund has seen eight current or former employees convicted on criminal charges related to insider trading, The Wall Street Journal said.
Earlier this year the fund changed its name from SAC Capital Advisors LP to Point72 Asset Management.
Conheeney, who had been Cohen’s number two, joined SAC Capital in 1999.
Conheeney will be replaced by Douglas Haynes, a former executive at McKinsey.
Point72 manages between $9 billion and $10 billion.
The New York Times notes that Conheeney is just the latest executive to leave Cohen’s firms. Head of compliance Steven Kessler left this year and COO Solomon Kumin left last November.