Steven Cohen’s Point72 Appoints London Head
SAC, which changed its name to Point72, had closed its London office in 2013
LONDON—Hedge fund billionaire Steven A. Cohen’s investment firm has recruited a new head of its recently-opened London office, as it rebuilds its presence in Europe.
Point72 Asset Management, previously known as SAC Capital Advisors, has hired Will Tovey, who was head of Barclays’ equities distribution business in Europe, to the newly created role, according to an internal memo sent to staff and reviewed by The Wall Street Journal.
Mr. Tovey, who was previously a managing director at UBS, will be part of the team planning the firm’s strategy in Europe and will help in the recruitment of investment professionals to the London office, according to the memo.
SAC closed its London office in 2013 as part of a wider restructuring after a landmark agreement to plead guilty to insider-trading charges in the U.S. It also agreed to pay $1.8 billion in penalties and stop managing money for outside clients.
SAC changed its name to Point72 Asset Management LP and is now a family office running assets for its chairman and chief executive, Mr. Cohen—whom Forbes estimates is worth $12.7 billion—and employees, in a range of investment strategies.
It began trading out of its London office, located in St. James’s Square, one of London’s most exclusive neighborhoods, last autumn and has been expanding its presence. It recently hired Stanislas de Caumont, a global macro bond and currency trader who worked at SAC’s London office from summer 2012 until late 2013, from Balyasny Asset Management’s London office.
A spokesman for Point72 declined to comment. A spokeswoman for Barclays didn’t immediately respond to a request for comment. Mr. Tovey couldn’t immediately be reached for comment.