Point72 Asset Management, the hedge fund firm run by Steve Cohen, has joined a group of investors that have built up a big bet against shares of British wealth management firm Hargreaves Lansdown, according to a report by The Times.
The report cites regulatory filings made by Point72 to the UK’s Financial Conduct Authority last month as revealing that the firm holds a net short short position in Hargreaves Lansdown of 0.5 per cent as of 13 December.
Point72 has joined a number of other funds, including Kintbury Capital, in betting against Hargreaves Lansdown, with the overall bet against the company having doubled in size over the course of the past year after a 15 per cent slump in the stock last year resulted in the company’s recent relegation from the prestigious FTSE 100 index of blue-chip businesses to the mid-cap FTSE 250.
According to a data from S&P Global Market Intelligence, as of mid-December almost 11 per cent of Hargreaves Lansdown’s outstanding shares were on loan, up from just under 5 per cent at the beginning of 2023.
