Steve Cohen’s Point72 Mulls Reopening London OfficeSaijel Kishan
Point72 Asset Management, the investment firm that manages the money of billionaire trader Steven A. Cohen, is considering returning to London less than two years after closing its offices amid insider-trading allegations.
“During the last several months, we have been studying the possibility of reopening an office,” Doug Haynes, president of Point72, said in a June 22 memo to employees seen by Bloomberg. “We already run a dozen global books from our U.S. and Asian offices. We are now weighing whether our European investing would be meaningfully advanced by opening a physical office in London.”
Point72, which manages $11 billion out of Stamford, Connecticut, registered two U.K. companies, Point72 Europe (London) and Point72 U.K., with Companies House on June 17, according to filings.
SAC Capital Advisors, the predecessor to Point 72, closed its London office in October 2013 to scale back its operations in the wake of a U.S. probe into insider-trading. The following month, the firm pleaded guilty to securities fraud as part of a $1.8 billion settlement.
“In the intervening 21 months, we have rebuilt the firm, retained our most talented investment professionals and reinvested our organic profits in our capital base,” Haynes said. “We have done this while adhering to the highest ethical standards.”
SAC employed about 50 people at its London offices, run by Michael Ferrucci.
Jonathan Gasthalter, a spokesman for Point72 at Sard Verbinnen & Co., declined to comment on the memo, which was previously reported by the Wall Street Journal.
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