NEW YORK (Reuters) - Point72 Asset Management, billionaire Steve Cohen's family office which manages about $11 billion, said Monday that the firm will consolidate its New York offices in 2018, according to an internal employee note obtained by Reuters.
The memo, from Cohen and Point72 president Doug Haynes, said that in 2018, the firm will move from its locations at 510 and 330 Madison Avenue to 55 Hudson Yards.
"This wasn’t an easy decision," Cohen and Haynes said. "Our landlords in our current locations have been supportive, but the simple truth is our current space isn’t adequate to our mission."
Point72 occupies 11 floors in two buildings a mile apart, the men said. They said Point72's New York space "hinders smooth collaboration, efficient daily work, and a unified sense of purpose."
Additionally, Point72 anticipates hiring more New York staff.
"We anticipate adding investment talent in New York, heightening the pressure on already burdened offices," the memo said. "Both buildings have a finite capacity for expansion, and spreading to more floors would only worsen the problems we have now. Any possible 'fix' on-site will not be successful for the mid- or long-term."
Point72 said the new building "will allow us to consolidate Cubist and Long/Short, respectively, on their own floors." Cubist is Cubist Systematic Strategies, LLC, Point72's Quant business.
"With large, open, collaborative space, similar to our Stamford trading floor, we can foster better interaction among teams and create the kind of environment employees and candidates would expect from the industry’s premier asset management firm," Cohen and Haynes added.
Point72 is headquartered in Stamford, Connecticut.