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Point72 won't get FCA approval as a hedge fund

First Published 10th August 2017

The family office, worth 11 billion USD, is not permitted to accept external investors

Point72, which manages about 11 billion USD of Steve Cohen's personal fortune, will not receive regulatory approval in the UK by the Financial Conduct Authority (FCA). Family offices need FCA approval to oversee other investors' money or to implement certain changes to their fund structure.

Cohen's SAC Capital, the predecessor to Point72, was effectively shuttered by the US Securities and Exchange Commission (SEC) in 2013 for insider trading and was fined a record 1.8 billion USD. Although never charged himself, several of Cohen's portfolio managers were sentenced to prison terms. Since then, Cohen has been focusing on Point72 and has been working towards re-opening a hedge fund. The SEC will lift its ban on Cohen managing investor money in 2018.