Steve Cohen’s Point72 has been granted regulatory approval in the UK, a decade after his previous firm paid a record $1.8 billion in fines after pleading guilty to insider trading charges, according to a report by the Financial Times.
The Financial Conduct Authority had turned down Point72’s applications two previous occasions following SAC Capital’s sanctions in 2013, ruling in 2018 that Cohen was not ‘fit and proper’ to offer his new fund to UK investors.
Point72 a former family office that opened to outside investors in 2018 and manages $26.7 billion in assets, will now be able to offer its funds to UK investors under the name Point72 Europe (London).
Although Cohen was never personally charged with insider trading, he was barred from supervising funds that managed outside money as part of SAC’s settlement, and several of his fund managers were convicted and sentenced to prison terms.
