US hedge fund chief is barred in the UK

A BILLIONAIRE who faced insider trading charges has reportedly been blocked from acting for UK investors.

Steven Cohen, who is thought to be worth nearly £ 10bn, was said to be seeking permission to allow his office to handle cash for others.

Point72, which manages his personal fortune, is allowed to trade in Britain without authorisation from the Financial Conduct Authority.

But the firm must obtain consent in order to expand to handle external clients. The FCA is thought to have indicated this would not be forthcoming, but has not officially said no.

Point72 opened a London office last year and Will Tovey, a former head of Barclays’ European equity distribution operation, was hired to run it.

Hedge fund boss Cohen was last year barred from managing clients’ money in the US after an insider trading probe which saw an underling jailed for nine years. However, his ban will lift next year, and he could then apply to the FCA for permission again.