Doug Haynes, a former President at Steve Cohen's Point72 Asset Management until he resigned in 2018 having been named a defendant in a sexual discrimination lawsuit which was settled in 2020, is looking to raise $1bn for his new fund Norias, according to a report by Business Insider.

The report cites two unnamed sources close to the fund as revealing the Norias will be a "quantamental" fund, blending computer-run strategies with human intuition to make investments. According to one source, the fund will rely heavily on artificial intelligence.

New recruits to the new fund include Michael Lean, the former director of research for Dan Sundheim's D1 Capital, while Chris Coward, who ran Point72's quantamental Latitude strategy until 2020, is working as a consultant for Norias.