Point72, The family office of American billionaire investor Steven Cohen, has opened an office in London less than three years after Cohen closed another investment business there, the company told journalists this week.
It is currently recruiting for someone to head up the new office, as well as for portfolio managers and analysts, according to Doug Haynes, president of Point72 (pictured).
The new office, which is located in St James’s Square in Mayfair, has around half a dozen people on staff now, and is looking to hire as many as 15 by the end of the year, he added.
Cohen closed the London office of SAC Capital Advisors, a hedge fund, in 2013, after it became the focus of an investigation that eventually saw it plead guilty to charges of insider trading, for which it paid a fine returned money to outside investors. A little more than a week ago, Cohen was reported to have reached a deal with the US Securities & Exchange Commission that will allow him to return to the hedge fund industry if he wishes to after two years, during which he is banned from managing money for outsiders.
According to a statement on the Point72 Asset Management website, the Stamford, Connecticut-based family office manages the assets of founder Cohen and certain of its “eligible employees”. Being a family office, the company says it doesn’t “solicit or accept any external investments”.
In addition to Stamford and, now, London, Point72 has offices as well in Hong Kong, Tokyo and Singapore.
Point72 “primarily invests in discretionary long/short equities, and makes significant quantitative and macro investments,” the statement continues, adding that Point72’d long/short investment divisions are Point72 Asset Management and EverPoint Asset Management.
Cubist Systematic Strategies is its quantitative business, and Rubric Capital is its “deep value, multi-strategy” business.
Last year, when rumours that Cohen was contemplating a return to London for his business, observers suggested that the hedge fund industry was increasingly seeing the city as a better place to operate out of than certain other locations, such as Switzerland, to which some had moved some if not all of their staff.