Point72 Taps Ex-IBM Executive Timothy Shaughnessy as COO

May 20 2015 | 2:39pm ET

Point72 Asset Management has hired former IBM executive Timothy Shaughnessy as chief operating officer.

Shaughnessy worked for IBM for 33 years, and was most recently a senior vice president of GTS Solutions. 

“We’re a big technology shop,” Doug Haynes, president of Point72 told Bloomberg in an interview on Wednesday. “We’re now involved in very large data sets.”

Haynes joined Point72 in February. Its founder, Steven A. Cohen created the company after his hedge fund SAC Capital Advisors stopped managing outside money as part of a settlement of insider trading charges against the firm. 

Over the last year, Point72 has hired more than 30 employees to build computer models and analyze large swaths of publicly available data. The hires are part of a quantitative investing project known as "Aperio." 

Point72 is 8.5% percent this year through the beginning of May, according to a statement from Haynes.

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