Cohen’s Point72 Says London Expansion on Track Despite Brexitby
Point72 Asset Management, the firm that oversees billionaire Steven A. Cohen’s wealth, reassured employees that its planned expansion to London remained on track, despite Britain’s decision to leave the European Union.
“When we reopened our London office in January of this year, we made a strategic commitment to building our presence in the region,” Point72’s Asia-Pacific Chief Executive Officer Marc Desmidt and London office head Will Tovey said Friday in a letter obtained by Bloomberg and confirmed by the company.
“Following the U.K. referendum result, we reemphasize our commitment to growing our London office as part of our international growth strategy,” they said.
Global markets buckled and about $3 trillion was erased from equity values on Friday following the U.K.’s referendum on EU membership, which ended with a majority backing the Leave campaign to leave the bloc and the resignation of Prime Minister David Cameron.
Cohen is rebuilding his investment team in London after shutting his previous firm SAC Capital Advisors’s U.K. offices in 2013. His investment company is seeking to boost employee numbers to 70 and has already hired money managers from hedge funds such as Moore Capital Management and GLG Partners this year.