(Bloomberg) -- Steve Cohen is sharing the role of chief investment officer at Point72 Asset Management with his veteran money manager Harry Schwefel.
The firm appointed Schwefel, who focuses on consumer stocks, as co-CIO, said a spokesman for Point72. Schwefel, one of Cohen's longest-standing managers, joined the $12 billion firm in 2008, when it was named SAC Capital, according to a person familiar with the matter.
The promotion of Schwefel this month comes as Cohen makes his comeback after being banned from managing outside money until Jan. 1, 2018. Five years ago, Cohen's firm pleaded guilty to securities fraud and agreed to pay a record $1.8 billion fine. Many of the firm's senior traders left in the aftermath of the scandal.
Schwefel is the second executive to be co-CIO at Cohen's firm. Aaron Cowen served in that role from 2008 to 2010.
This year, Point72 has raised $3.26 billion in external capital, the person said.
Hedge Fund Alert first reported the news of Schwefel's promotion.
To contact the reporters on this story: Hema Parmar in New York at hparmar6@bloomberg.net, Katia Porzecanski in New York at kporzecansk1@bloomberg.net, Katherine Burton in New York at kburton@bloomberg.net.
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Vincent Bielski, Josh Friedman
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