Steven Cohen's Point72 business is being blocked from setting up a hedge fund in the UK, reports said.

Point72 Asset Management, the hedge fund-turned-family office of controversial investor Steven Cohen, has been blocked by the UK regulator from opening his hedge fund in the UK, a report said.

Cohen’s business faces a setback in being thwarted by the Financial Conduct Authority, Bloomberg late last week quoted an unnamed source as saying. Reports of problems around the regulator ran in August last year.

The firm and FCA declined to comment to this publication when contacted. A report originally appeared in the Financial Times.

This news service understands that the reports of the FCA’s stance are accurate.

Cohen’s firm, which used to be called SAC Capital Advisors, pleaded guilty to securities fraud in 2013. Cohen turned the firm into a family office – a step taken by other hedge fund tycoons who stopped managing outside money to avoid coming under the SEC’s umbrella. SAC paid a $1.8 billion fine. Cohen was not charged with any offences.

This publication interviewed the firm about its work in improving compliance and processes here.