The US-headquartered hedge fund business that has turned into a family office is reportedly ramping up its Asian business.

Point72 Asset Management, the hedge fund business-turned family office of billionaire investor Steven Cohen, is expanding its team in Asia, according to Reuters.

Cohen's top deputy referred to the expansion of Point72 Asset Management in a recent interview. The news service quoted president Douglas Haynes.

The firm manages around $11 billion; it recently hired Ray Shu, who had previously worked with Cohen, as a portfolio manager in Hong Kong. The firm has also hired Sonia Yu from JP Morgan as head of talent development, based in Hong Kong, the report said.

Point72 took over SAC Capital Advisors, Cohen's hedge fund firm, after SAC pleaded guilty to securities fraud in an insider-trading settlement with US regulators that also included a $1.8 billion fine. As part of an agreement with US regulators, Point72 has returned non-family members' money. Subject to passing a set of tests, it may be able to manage outside money again in the future. The firm has explained its compliance approach to this publication. (See here.)

The firm's conversion to a family office structure follows the approach - albeit for different reasons - of a number of other US-based hedge fund businesses, such as those of hedge fund tycoon and political activist George Soros. See a feature on this topic here.

Point72 has offices in Tokyo, Hong Kong and Singapore and has considered opening in China.