Home Hedge Funds Hedge Funds Point72, Capstone Expand European Footprint to Italy

Hedge Funds Point72, Capstone Expand European Footprint to Italy


(Bloomberg) — Hedge funds Point72 Asset Management and Capstone Investment Advisors have expanded their European presence with new offices in Milan.

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Point72 opened a location in the northern Italian city in recent months for front-office personnel, a person familiar with the matter said, asking not to be identified discussing private details. The new site adds to its European footprint that already spans the UK, France and Poland.

A representative for the Stamford, Connecticut-based firm, whose website shows it managed about $31 billion in assets, declined to comment.

Capstone meanwhile opened an office in the Italian city in January this year, another person said. The hedge fund, which managed about $11.5 billion in assets at the start of 2024, also has offices in London and Amsterdam, according to its website. A representative for Capstone declined to comment.

The hedge funds join other money managers, including peer Eisler Capital, which have set up shop in the northern Italian city in recent years. Andera Partners, Arcmont Asset Management and Certares Management are also among those that have planted their flags in Italy.

Offers of attractive work locations are among tactics — besides large bonuses and pay rewards — hedge funds typically deploy in their war for top talent as they seek to burnish their appeal for potential employees wanting to shift base elsewhere.

And Italy has been among the top draws for thousands of foreigners and nationals, mainly for its tax breaks including a €100,000 ($108,020) flat tax on income earned abroad. While Prime Minister Giorgia Meloni’s government in the last budget trimmed some of the benefits for workers moving to Italy, the flat levy stayed.

Milan has been luring many of those settlers as the city has seen a renaissance in recent years after some revitalization projects helped transform many dilapidated neighborhoods into sleek contemporary landmarks. UniCredit SpA, Italy’s second-biggest lender, is planning to invest €1 billion in a campus that will house its new headquarters in the area known as “Scalo Farini.”

More than 185 teams of money managers trade for billionaire Steve Cohen’s Point72. His hedge fund returned about 10.6% last year, according to a person with knowledge of the matter. Cohen has a net worth of $14 billion, according to the Bloomberg Billionaires Index.

–With assistance from Nishant Kumar.

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