(Bloomberg) -- Point72 Asset Management, the investment firm that oversees Steven A. Cohen’s wealth, made the first hire for its London office as the billionaire trader’s operation returns to the U.K. after almost two years.
Israa Al Bayaa started this month as a money manager in London, where the firm plans to start trading in November, according to two people with knowledge of the matter, who asked not to be identified because the information is private. Al Bayaa declined to comment on the hiring.
“During the next several months we will build out our team in London,” Mark Herr, a Point72 spokesman, said in an e-mailed statement. “We are gratified that there has been no shortage of people who are eager to join our firm.”
Point72, which manages $11 billion, recently leased office space in the upscale St. James district. Cohen is returning to the city after shutting the London offices of his hedge fund SAC Capital Advisors in 2013 amid a U.S. probe into insider trading. SAC pleaded guilty to securities fraud that year as part of a record $1.8 billion settlement with the government. Point72 was interviewing money managers and analysts for U.K. roles, a person with knowledge of the plans said in July.
Al Bayaa, who trades energy, utilities and renewable resources, started at SAC in 2008 and was among the money managers the firm let go when it shuttered its London office. He then joined Moore Capital Management. Point72 is based in Stamford, Connecticut.