Point72 Asset Management is forming a new equity division to join the ranks of other large multi-strategy hedge funds that operate multiple stock selection businesses. According to documents, Steve Cohen, the company's billionaire founder, said in a letter to employees that Point72 “significantly increased the number of teams and capital allocation for fundamental stock investment strategies.” Starting January 1, the company will reorganize its stock team into two business divisions, Point72 Equities and the newly established Valist Asset Management. A representative of the company declined to comment.

Point72 Asset Management is forming a new equity division to join the ranks of other large multi-strategy hedge funds that operate multiple stock selection businesses. According to documents, Steve Cohen, the company's billionaire founder, said in a letter to employees that Point72 “significantly increased the number of teams and capital allocation for fundamental stock investment strategies.” Starting January 1, the company will reorganize its stock team into two business divisions, Point72 Equities and the newly established Valist Asset Management. A representative of the company declined to comment.