Former Point72 Head Michael Ashby Joins AlgoQuant as CEO

Michael Ashby, the former head of digital assets at Point72, has taken on the role of CEO at AlgoQuant, a proprietary crypto trading firm. Ashby’s move to AlgoQuant signifies a shift for the firm as it aims to expand its operations and services within the digital asset management sector.

Michael Ashby, who led Point72's digital-asset strategic implementation, has joined the proprietary crypto trading firm AlgoQuant https://t.co/ahwUyEgs9o

— Bloomberg Markets (@markets) May 13, 2024

In April, Ashby relocated from New York to Dubai to spearhead AlgoQuant’s expansion efforts in the United Arab Emirates. His primary focus is on building out the firm’s operations to offer asset management services in the rapidly growing digital sector, targeting markets in Asia and Europe.

Ashby noted that digital asset management opportunities have surged recently, bolstered by the approval and launch of Bitcoin exchange-traded products in the United States. This development, he said, underscores a rising demand for regulated crypto products. AlgoQuant plans to leverage this momentum by creating innovative yield products in a regulated format, aiming to attract institutional investors, family offices, and the mining community.

Move to the UAE

AlgoQuant’s decision to establish its foundation in the UAE aligns with the region’s efforts to become a hub for the crypto industry. The UAE’s regulatory environment is increasingly favorable for digital asset businesses, contrasting with the tighter regulatory landscape in the United States. Ashby emphasized the UAE’s thoughtful regulatory approach as a key factor in the decision to base operations in Dubai.

“The crypto community here is just as robust as it was in Europe,” Ashby stated from Dubai. He expressed confidence in the UAE’s regulatory framework, which he believes will support AlgoQuant’s ambitions in the digital asset sector.

Before joining AlgoQuant, Ashby spent a year at Point72, where he led the digital-asset strategic implementation. His career also includes a stint at Meraki Global Advisors. Despite the notable exit from Point72 in November, Ashby chose not to discuss his departure due to confidentiality agreements.

AlgoQuant, currently a small team of fewer than 10 employees, plans to expand its workforce by hiring individuals with expertise in both traditional finance and crypto. This approach aims to blend conventional financial acumen with innovative digital asset strategies.

Industry Context and Future Prospects

The broader crypto industry has experienced both expansion and regulatory challenges. The UAE’s proactive stance in attracting crypto businesses marks a shift, particularly as other regions impose stricter regulations. Ashby’s move to AlgoQuant and his leadership in navigating these changes position the firm to capitalize on the evolving market landscape.

Meanwhile, other notable departures from Point72, such as Terence Schofield, the former head of digital assets technology, highlight ongoing shifts within the hedge fund’s digital asset division. Schofield, who joined Point72 from Pantera Capital, left the firm shortly after Ashby. These exits reflect a broader trend of talent migration within the crypto and digital asset sectors as companies adapt to new opportunities and regulatory environments.

Point72 Ventures, the investment arm managing Steve Cohen’s wealth, continues to invest in early-stage startups that facilitate traditional companies’ adoption of digital assets. This ongoing investment strategy aligns with the growing institutional interest in digital assets despite the personnel changes within Point72’s digital assets team.