Steve Cohen’s multi-strat hedge fund firm Point72 Asset Management is restructuring its equity platform and launching a new stock-picking business, Valist Asset Management, as firm assets climb to $42bn, according to a report by Bloomberg.

From January 2026, Point72’s equities operation will be split into two units – Point72 Equities and Valist – each housing separate trading teams and sell-side coverage, but overseen by the same management group. The new unit will start with about a dozen portfolio managers and expand over time, according to an internal note seen by Bloomberg.

The move mirrors similar multi-unit structures at rivals such as Citadel and Balyasny Asset Management, which operate multiple independent equity platforms.

Point72, which re-launched in 2018 with roughly $11bn, has since quadrupled its assets while broadening into quantitative, macro, private credit and venture capital strategies.