Point72 Asset Management has initiated a search for a new Japan Head with incumbent Toby Bartlett set to step down from the role early next year, according to a report by Bloomberg citing unnamed sources familiar with the matter.

After leaving his current role, Bartlett will transition to a consultancy position for the hedge fund, founded by billionaire Steve Cohen, according to Bloomberg's sources.

A spokesperson for Point72 declined to comment.

Bartlett joined Point72 in early 2022 and has since played a key role in driving the firm’s Asia strategy, as well as focusing on recruitment and talent development in Japan. Before joining Point72, he founded his own fund and held roles at Hong Kong-based LIM Advisors, Highbridge Capital Management, and Citadel.

Point72, which oversees $35.2 bn in assets, has been expanding in Japan since opening its Tokyo office in 2011 to capitalise on rising foreign investor interest in the market. The firm plans to move to a larger Tokyo office next year, and in April 2023, Cohen announced plans to increase the headcount in Japan by around 20%.