Steve Cohen’s Breturn Stymied
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Steve Cohen is a decided Anglophile. Forced to abandon his London outpost amidst the insider-trading unpleasantness of 2013, he pined for Britannia from the tea room of his Greenwich—get it?—mansion, longing for the day when he’d be quaffing warm beer and scarfing down scones with the Royal Family once more. That day came less than two years later, and Point72 wasted little staffing up in Mayfair, preparing for Steve Cohen’s second triumphant return, the one next year to managing outside money. A lot of outside money. Hopefully some of it in the U.K.
Even in the face of Brexit, Cohen and Point72 remained loyal to the crown. But has their loyalty been repaid? Has it hell.
Point72, which manages about $11bn of Mr Cohen’s personal fortune, has been told in recent months that it would not receive regulatory approval in the UK by the Financial Conduct Authority, said people with knowledge of the situation….
Family offices are allowed to trade in the UK without the FCA’s blessing, but must be approved to oversee anyone else’s money. According to regulatory lawyers, family offices may also need FCA approval in order to implement certain changes to the way a fund is structured.
