Great Britain's vote to leave the European Union hasn't deterred Steven A. Cohen's plans to expand the offices of his Point72 asset-management firm -- in New York or in London.
"Following the U.K. referendum result, we reemphasize our commitment to growing our London office as part of our international growth strategy," Point72 executives wrote in a letter obtained by Bloomberg. Point72 spokeswoman Jessica Schaefer confirmed the letter's authenticity in an e-mail to The Street.
"We have made tremendous progress in the first half of 2016," Schaefer wrote, "and look forward to continuing this momentum into the future."
Point72 was founded in 2014 as a successor to SAC Capital Advisors, the asset management firm liquidated in 2013 after pleading guilty in one of the largest insider trading cases in recent history. SAC founder Cohen was not charged criminally in the case, but agreed to a two-year ban from managing others' money as part of a civil settlement.
Point72 is limited to managing Cohen's roughly $11 billion personal fortune until the ban expires in 2018. Cohen's top five holdings through the fund at the end of March were Facebook (FB) - Get Report , Alphabet (GOOG) - Get Report , Netflix (NFLX) - Get Report , Zoetis (ZTS) - Get Report , and ConocoPhillips (COP) - Get Report , according to filings.
The firm appears to be preparing for a dramatic comeback. In addition to the London office expansion, the firm on Monday announced plans to move to a massive new space in Manhattan's Hudson Yards development in 2018.
The 175,000 square-foot office represents a 20% bump from the current space on Madison Avenue, the company said.
"We want to encourage communication among employees and high levels of productivity," Gregory McGee, Point72's global head of facilities, said in a statement on the New York office move.