Point72 Asset Management, the $40 billion hedge fund led by billionaire investor Steve Cohen, is making a major leadership change inside its quantitative investing arm, Cubist Systematic Strategies. Denis Dancanet, who joined Cubist in 2020, is stepping down as head of the group, with Cohen announcing that longtime WorldQuant executive Geoffrey Lauprete will take over beginning next month.
In an internal memo viewed by Local press, Cohen praised Dancanet’s contributions to Cubist over the past four years, noting that he had “expanded Cubist’s global footprint, grew our pod model, and built our central team from the ground up.” Cohen added, “His leadership and expertise have made a lasting impact on the firm, and we wish him all the best in his future endeavors.” Bloomberg first reported the transition.
A Surprise Appointment
The appointment of Lauprete caught some industry insiders off guard. After leaving WorldQuant in 2024, where he spent 17 years as chief investment officer and vice chairman, Lauprete had been actively fundraising for his own startup trading firm, Libero Capital. He had held talks with potential backers, including Paloma Partners, though a deal fell through earlier this year. Sources familiar with the matter said his initial conversations with Point72 were focused on Cubist investing in Libero as an external manager. Those discussions ultimately evolved into his new leadership role at Cubist.
According to people close to the situation, most of Libero’s investment team is expected to join Cubist as well, potentially forming a dedicated pod within the unit. That move could add significant depth and expertise to Cubist’s expanding quant operation.
Lauprete’s Track Record
Lauprete brings deep experience in systematic investing. At WorldQuant, the quantitative powerhouse that spun out of Izzy Englander’s Millennium Management, he played a key role in scaling the firm globally and developing a robust infrastructure to support its army of researchers and portfolio managers. Earlier in his career, Lauprete was a portfolio manager at Millennium, giving him a front-row seat to the evolution of multi-manager hedge fund models.
Cohen’s memo made clear why he views Lauprete as the right choice at this juncture. “Geoffrey brings a proven track record of scaling businesses, attracting and developing quant talent globally, and providing PMs and researchers with world-class tools and infrastructure,” he wrote. “I’m confident that he will continue to drive the success of our systematic business and make Cubist the most attractive home for the best quant talent across both our pod model and central team.”
Cubist’s Performance and Strategic Evolution
Cubist is one of Point72’s most important businesses, accounting for about 17% of the firm’s total assets under management. While the unit suffered losses earlier this summer during a broad downturn for quant hedge funds, sources said it has remained profitable for the year overall. Point72 posted gains in both July and August, bringing the firm’s year-to-date performance to 9.1%.
Under Dancanet’s leadership, Cubist underwent a notable transformation. One of his most ambitious initiatives was the creation of a centralized internal trading team designed to operate alongside the unit’s roughly 50 independent pods. This “hybrid” structure effectively gave Cubist the dual identity of a traditional collaborative quant fund and a multi-manager pod platform.
To build this central team, Dancanet spent tens of millions recruiting from top firms such as Citadel, Jump Trading, Squarepoint, and Tower Research. By the time of his departure, the centralized team had grown to around 100 employees, representing a significant investment in infrastructure and talent.
What Comes Next
For Point72, the leadership shift at Cubist signals both continuity and change. On one hand, Dancanet leaves behind a more diversified and institutionally robust quant operation than the one he inherited. On the other, Lauprete’s arrival — and the likely addition of his Libero team — could reshape Cubist’s culture and direction at a moment when the competition for quantitative talent is fiercer than ever.
As systematic strategies continue to expand within the hedge fund industry, Cohen is betting that Lauprete’s experience and global perspective will help Cubist remain competitive against rivals like Citadel, Millennium, and Two Sigma. The question now is whether the infusion of new leadership and fresh talent can propel Cubist to the next phase of its evolution.
