- Firm is also said to add Atallah Estephan from Moore Capital
- Family office started trading from London on Wednesday
Point72 Asset Management, the investment firm that oversees Steven A. Cohen’s wealth, is in talks to hire former SAC Capital Advisors trader Stanislas De Caumont for its London office, two people with knowledge of the matter said.
Point72 also hired Atallah Estephan, an analyst from Moore Europe Capital Management, said the people, who asked not to be identified because the information is private. De Caumont, who worked for Cohen’s former hedge fund until he joined Balyasny Asset Management in 2013, declined to comment. Estephan, who also worked at SAC before it was shut down, didn’t immediately reply to an e-mail seeking comment.
Point72, which manages $11 billion, said it started trading out of its London offices on Wednesday after hiring former SAC money manager Israa Al Bayaa for energy, utilities and renewable resources investments. Cohen has returned to the capital after shutting SAC’s U.K. offices in 2013 amid a U.S. probe into insider trading. The firm pleaded guilty to securities fraud that year as part of a record $1.8 billion settlement with the U.S.
Cohen’s return to the U.K. capital comes as his competitors in the region build teams and open new funds. Chris Rokos, a co-founder of Brevan Howard Asset Management, gained approval from the nation’s financial regulator last month to start his own hedge fund. Former Citadel trader Bruce Emery is seeking to raise $500 million with Greenvale Capital and David Fear’s Thunderbird Partners is managing $1.5 billion.
As part of an effort to rebrand itself, Cohen’s firm has added a big-data research unit, a multistrategy fund and hired at least 100 investment professionals. In an interview to be aired on Sunday, President Doug Haynes called his firm’s culture “independent but collaborative,” contrary to its cutthroat image. He said turnover for Point72’s money managers and analysts is less than the industry average.
Separately, federal prosecutors dropped insider-trading charges against former SAC money manager Michael Steinberg, who was convicted at a jury trial, in the latest fallout from an appeals court ruling that made such prosecutions more difficult. Jon Horvath, a former SAC analyst who had worked under Steinberg, was among several others who had their cases dropped as well.
“We are pleased that the ordeal for Mike Steinberg and his family is over,” said Mark Herr, a spokesman for Stamford, Connecticut-based Point72.