- FT: Steve Cohen’s hedge fund Point72 has been blocked by the UK regulator from taking British money.
- Cohen was banned from managing money for two years after his former hedge fund, SAC Capital, pleaded guilty to insider trading charges in the US.
LONDON – Hedge fund billionaire Steve Cohen has reportedly hit a roadblock in the UK.
The Financial Times reported on Friday that Cohen has been blocked by the UK regulator from accepting outside investor money in Britain for his new hedge fund Point72. The FT said that one source claimed Cohen was deemed not to pass the “fit and proper” test by the UK’s Financial Conduct Authority (FCA).
A spokesperson for Point72 wasn’t immediately available to comment.
Cohen’s famed former hedge fund SAC Capital pleaded guilty to insider trading in the US in 2013 and paid a $1.3 billion fine. Cohen never admitted personal blame but was banned from supervising funds for two years. That ban expired earlier this year.
Cohen set up Point72 to manage his personal fortune, estimated at over $11 billion by Forbes, and has started to accept outside money in the US since his ban expired. Documents seen by Business Insider earlier this year show Point72 was up 3.3% after fees in March of this year.
Point72 has had a London office since 2016 and had hoped to raise capital in Britain, which was why it applied to the FCA for permission.