- He'll start post at billionaire Cohen's family office Nov. 2
- Executive will focus on energy stocks and oversee managers
Mark Flannery, the former head of U.S. equity research at Credit Suisse Group AG, is joining Point72 Asset Management, the family office of billionaire Steven A. Cohen.
Flannery will oversee money managers that trade energy stocks as a sector executive starting on Nov. 2, Stamford, Connecticut-based Point72 said Thursday in a statement. Phil Villhauer, who has been energy sector executive, will become industrials sector executive and keep his role as head of global trading.
Flannery started at Credit Suisse in 1992 as a London-based oil and gas analyst before rising to run energy research, according to his LinkedIn profile. He became head of U.S. equity research in December 2009, according to the statement.
Research departments across Wall Street are in transition as trading margins shrink and clients become more selective with their commissions. Under the leadership of Chief Executive Officer Tidjane Thiam, Credit Suisse earlier this month announced an overhaul of its trading and advisory units and a shift in focus from investment banking to wealth management.