Point72 Asset Management, the $30.6bn US hedge fund firm founded by Steve Cohen, has boosted its credit capabilities with the appointment of a credit specialist from rival firm Third Point, according to a report by Reuters.

The report cites two unnamed sources with knowledge of the mater as revealing that Louis Wang, who is been on garden leave from Third Point since April, is due to take up a new role as a Portfolio Manager in Stamford, Connecticut-based Point72's macro investment business in November.

According to his LinkedIn profile, Wang joined Third Point in 2012 and most recently held the position of Managing Director in the firm's corporate credit unit.