Point72 Asset Management, Steve Cohen’s family office that manages around $11bn of his money, has been slowly building up its UK operation since it relaunched at the beginning of 2016.
While it has plans to reach around 50-70 employees, at the end of last year it had 20 people in its London office on St James’s Square, according to newly released accounts on Companies House. 16 of these work in investment management roles. It paid out $5m in total employee costs for 2016, meaning that the average employee received $251k.
Point72 also has seven partners, including its UK parent company Point72 UK Limited, which is up from three in 2015. It paid them a combined $7.7m, or an average package of $1.1m. Point72 said it added another three partners so far this year, and one senior employee has resigned.
Point72 officially launched its new UK office in early January 2016, so this is close to its first full year of operation. It generated $25.4m revenues last year, and made a profit of $10.5m across the group.
Point72’s initial bout of recruitment in London involved extensive recruitment of people who used to work for SAC Capital Advisors, Cohen’s former firm that shuttered its London operation in 2013 amid an insider trading investigation by U.S. authorities.
As we’ve reported variously throughout 2017, the focus for this year has been on junior recruitment. Point72’s academy programme was launched in London late last year, but it’s also been hiring from Morgan Stanley, BlackRock and Tudor Investment Corporation.
At the senior end, Point72 has focused on bringing in quants this year. It hired Alfonso Leite de Castro, a former strategist at GSA Capital in London, who came in earlier this year as a portfolio manager within its Cubist Systematic Strategies unit. Francis Zhang, a quant portfolio manager who splits his time between London and Hong, joined in April from Hutchin Hill Capital.
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