Steven Cohen's family office Point72 is bullish on Asia. At least in terms of hiring new talent, that is.
The asset manager, which manages the hedge fund billionaire's personal fortune as well as those of some employees, opened a new office in Singapore this week that can seat up to 60 employees. It's a considerable expansion from Point72's launch in Singapore in 2009 with just six staff.
The firm has more than 1,000 employees globally and $11 billion in assets under management. But it can't accept outside investments in the wake of Cohen's January settlement with the Securities and Exchange Commission (SEC), in which the former SAC Capital Advisors boss agreed not to supervise funds that manage money until 2018.
The SEC had accused Cohen of failing to effectively monitor a former SAC portfolio manager who had been convicted separately of insider trading. SAC as a firm had already agreed the previous year to a record $1.8 billion settlement on securities fraud charges, and in 2014 the firm was renamed Point72, having returned all outside investments.
The average hedge fund's value fell by 1 percent in 2015, while Point72 Asset Management rose almost 16 percent. Point 72 did not provide performance numbers for 2016.
Now, the firm's eye is on Asia's growth, as part of its plan to diversify.
"We're still U.S.-centric so the more we can grow outside the U.S. the better it is," Marc Desmidt, CEO of Point72's international business, told CNBC. "This part of the world is very much untapped in terms of the capital market opportunity. There's markets here still relatively early in their maturity."