Steve Cohen’s Point72 Quant Unit Falls 22% in March

(Bloomberg) -- Steve Cohen’s quantitative trading group lost about 22% this month, according to people with knowledge of its performance, as the accelerating coronavirus spread sent stocks tumbling.

The unit, Cubist Systematic Strategies, is a standalone business operating separately from the discretionary traders at Cohen’s $16 billion Point72 Asset Management. It feeds into the firm’s flagship multistrategy fund, which was down about 4% through Monday.

The losses come as the virus pandemic and falling oil prices roil global markets. Brent crude sank below $30 for the first time since 2016 and the S&P 500 Index on Monday posted it worst day since 1987.

Stamford, Connecticut-based Point72 recently told employees that Ross Garon, the head of the unit, was preparing to leave the firm after more than a decade working with Cohen. He is staying until midyear as the firm seeks a replacement.

Other computer-driven equity funds have also seen declines this month. A fund managed by Schonfeld Strategic Advisors, which has a large portion of its assets in quant strategies, fell almost 11% in the first half of March, according to people familiar with its returns.

Representatives of the firms declined to comment.

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