Point72 Said to Close Rubric Capital as David Rosen Departs

  • Rosen is said to have left Steven Cohen's firm last week
  • Rubric employees to be moved to other roles with Cohen's firm

Steven A. Cohen’s Point72 Asset Management is closing a multistrategy unit after the head of the business left last week, according a person familiar with the matter.

David Rosen, who led the value-focused Rubric Capital Management, departed on Friday, said the person, who asked not to be identified because the information is private. Rubric, which traded across asset classes with a focus on undervalued securities, will shutter and some members of Rosen’s team will be moved elsewhere within the firm.

Point72, which lost 8 percent this year through early February, will return to focusing on long-short equity investing, said the person. Hedge funds are having the worst start to a year since 2008, falling an average 1.7 percent in January amid slowing global growth, slumping oil and commodities prices and a strengthening U.S. dollar, according to Hedge Fund Research Inc.

Jonathan Gasthalter, an outside spokesman for Point72 at Sard Verbinnen & Co., declined to comment. Rosen couldn’t be immediately reached for comment.

Rosen had worked at Point72 and its predecessor, SAC Capital Advisors, since 2006, first as a money manager and then as the head of the Rubric multistrategy unit. He began his career at the Blackstone Group LP, where he worked on restructurings and reorganizations, and later at Green River Management, according to a biography posted earlier on the firm’s website. His name has since been removed from the website.

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