Point72 is reported to be setting up a new stock department to expand its stock selection business.

Point72 Asset Management is building a new equity division, joining the ranks of large multi-strategy hedge funds that operate multiple stock-picking businesses. According to documents, the company's billionaire founder Steve Cohen stated in a letter to employees that Point72 has "significantly increased the number of teams and capital allocation for fundamental stock investing strategies." The company will reorganize its stock teams into two business units starting from January 1, Point72 Equities and the newly established Valist Asset Management. A representative of the company declined to comment.