Point72 Asset Management LP will stop taking new investments as of next month, reported Bloomberg News July 29. The hedge fund currently manages $17.2 billion, with approximately $7 billion belonging to its founder, Chairman, CEO and President Steven Cohen.

Point72 raised about $10 billion since it started managing outside capital in 2018. The decision comes after the asset manager's main fund returned about 4% in the first half, lagging behind its peers, the report said.

In addition, the hedge fund hired Denis Dancanet to run Cubist, the fund's quantitative business, which manages about 20% of its assets. Dancanet will start in September and will be replacing Ross Garon, who recently left the fund, reported Bloomberg citing an internal memo.