A top portfolio manager has resigned from Steve Cohen's quant hedge fund unit Cubist after nearly 9 years

• Michael Graves, a senior portfolio manager at Cubist Systematic, the quant arm of Point72, resigned last week.
• Graves will continue to be employed at the firm for "a significant period of time," according to one source.
• Sources told Business Insider Graves had several PMs reporting to him.

Steve Cohen's quant arm is losing one of its top portfolio managers.

Michael Graves, a senior PM in Point72's Cubist Systematic unit, resigned from the multibillion hedge fund manager last week, according to people familiar with the matter. Graves, who was at Point72 for nearly nine years according to his LinkedIn, will continue to be on the firm's payroll for a "significant amount of time," according to a source close to the firm.

Graves has several portfolio managers underneath him, sources tell Business Insider.

According to his LinkedIn profile, Graves joined Point72 in 2010 after working as a quant for years at firms including the former- Credit Suisse First Boston and BNP quant subsidiary Cooper Neff. His more recent positions included roles in high-frequency trading and "statistical arbitrage" hedge funds. Fortress Investment Group bought the first two hedge funds he founded, FountainHead Capital and Area51, and made Graves a managing director in 2006, where he worked until he left to found Tesseract Capital. He left Tesseract in 2010 to join Cubist.

Quants have underperformed the rest of the industry this year, with the average systematic fund declining 2.83% through November, according to Hedge Fund Research, compared to a 2% dip for the entire industry.

Cohen, whose two-year ban from managing outside money expired at the end of 2017, has roughly $13 billion in total assets at Point72, which includes Cohen's own personal fortune.