Steven Cohen returns to London after insider trading claims
Joanna Bourke, 07 October 2015
The US investment firm that oversees billionaire Steven Cohen’s wealth has agreed a deal to return to the UK, its new landlord has said. Two years after closing its London offices amid insider-trading allegations, Point 72 Asset Management will move to St James’s Square in London’s hedge-fund heartland.
The company plans to be operating out of the capital by the first quarter of 2016. It previously employed around 50 people in London.
In 2013 it was agreed that SAC Capital Advisors, the predecessor to Point 72, would pay $1.8bn (£1.2bn) in fines and other penalties. Mr Cohen himself was not charged, and Point 72 is a family office that manages the $11bn in Cohen family and employee assets.
He is known for being an adept poker player and for his love of art, and bought Picasso’s Le Rêve for $155m.
In a boost for the fund-management industry in the UK, Mr Cohen will begin a hiring spree. Two UK businesses were registered with Companies House in June: Point72 Europe (London) and Point72 UK.
