Point72 Seeks to Replace Nussbaum After Latest DepartureSaijel Kishan
Peter Nussbaum, general counsel for Steven A. Cohen’s investment firm for 14 years, is leaving, the fourth top executive to depart after Cohen’s former hedge fund settled insider trading charges.
Nussbaum will work at Point72 Asset Management LP until March 1, Cohen said in a memo to employees today. The firm, which manages Cohen’s wealth after he shut hedge fund SAC Capital Advisors LP, has started looking for a replacement.
“Peter deserves credit for navigating the firm through all the difficult legal waters we have faced the past few years,” Cohen said in the memo, a copy of which was obtained by Bloomberg. “He is a brilliant lawyer, a trusted adviser and a first-rate intellect. Most important, Peter is a man of integrity who, during his 14 years at the firm, set an example here for how I expect all of us to act.”
Nussbaum’s departure follows that of Tom Conheeney, who was president and is leaving at the end of the year, and Steve Kessler, the former chief compliance officer who stepped down in February after nine years at the firm. Chief Operating Officer Sol Kumin left in January. Point72 has named Douglas Haynes, a former McKinsey & Co. director, to replace Conheeney, who worked for Cohen since 1999.
Longtime money managers Chandler Bocklage and Ted Orenstein also departed, a person familiar with the matter said last month.
Before joining SAC in 2000, Nussbaum worked at law firm Schulte Roth & Zabel LLP.
Jonathan Gasthalter, a spokesman for Point72 at Sard Verbinnen & Co., declined to comment on the memo.