- Ross Garon, the leader of Steve Cohen’s quants, is joining Izzy Englander’s Millennium, sources tell Business Insider.
- Cohen told Point72 staff in March that Garon would be retiring from the firm in the coming months.
- Garon is close with Millennium co-CIO Bobby Jain, sources say.
- Visit Business Insider’s homepage for more stories.
Steve Cohen’s quant leader is joining one of Point72’s biggest competitors, according to sources.
Ross Garon, the head of the firm’s quant unit, Cubist, is set to join Izzy Englander’s Millennium, sources tell Business Insider.
Cohen told staff in a memo in early March that Garon would be retiring from the firm in the coming months. The memo stated that Garon would assist in finding his replacement.
Point72, Millennium and Garon did not respond to requests for comment.
It’s not clear yet what Garon’s position at Millennium will be; sources say one of the draws for Garon to join was his relationship with Millennium co-CIO Bobby Jain, who has known Garon since high school.
Prior to joining Cohen’s firm in 2009, Garon worked for D.E. Shaw, one of the other prestige quant hedge funds in the industry, and founded his own fund, Tykhe Capital, which was named after the Greek god of fortune.
This is not the first time a former top quant of Cohen’s has joined forces with Englander. Neil Chriss, who left Point72’s predecessor in 2009 to start Hutchin Hill, received backing from Millennium to start another quant fund in 2017.
Quant talent, despite computer-driven funds including Cubist getting slammed earlier this year, is still one of the most sought-after pools of investors in the industry. WorldQuant, which manages money for Millennium, recently added Goldman’s former top quant Gary Chropuvka to be its president.
For the year through April, both Millennium and Point72 were positive, beating the average hedge fund. Izzy Englander’s firm had made 3.6%, while Steve Cohen’s manager had made 1.7%, according to Bloomberg.
Read more:
- Coatue is returning all outside capital in its $350 million quant fund after computer-driven trades broke down in extreme market volatility
- $60 billion quant fund Two Sigma just hired Goldman Sachs’ first-ever chief data officer to lead its massive tech team
- The world’s biggest hedge funds like Bridgewater are blending quantitative and fundamental trading. Here’s why it’s gaining hype on Wall Street.
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