(Updates with former SAC employees embroiled in insider trading case in third paragraph.)
Aug. 18 (Bloomberg) -- Tom Conheeney, who helped run Steven A. Cohen’s investment firm, is leaving after 15 years to be replaced by a former McKinsey & Co. managing director.
Conheeney, the president of Point72 Asset Management LP, which oversees Cohen’s $11 billion fortune, and its predecessor SAC Capital Advisors LP, will be replaced by Douglas Haynes, the Stamford, Connecticut-based firm said in a statement today. Haynes, 48, who joined in February, will start his new role immediately. Conheeney will remain at the firm until the end of the year.
Hedge-fund firm SAC Capital converted into a family office this year after paying a record $1.8 billion to settle U.S. allegations of insider trading. Eight former SAC money managers and analysts have pleaded guilty or been convicted of using confidential and material information to profit, while two have settled with federal regulators without admitting or denying wrongdoing.
Cohen thanked Conheeney for his role at the firm, initially as chief operating officer. He was promoted to president of the firm in 2008.
“Among his many accomplishments, he led us through the 2008 financial crisis, the 2010 aftershocks and the crisis following the revelation of insider trading by former employees at the firm,” Cohen said in the statement.
The New York Times reported Conheeney’s departure earlier today.
Cohen asked Haynes to join Point72 earlier this year as a managing director for human capital and a member of the firm’s senior management team, according to the statement. Cohen said he has spent the last several years working with Haynes on the board of New York charity Robin Hood Foundation.