Steve Cohen's Point72 Asset Management and Capstone Investment Advisors, the volatility arbitrage hedge fund firm founded by Paul Britton, have both expanded their European operations by opening offices in Milan, according to a report by Bloomberg.

The report cites an unnamed source familiar with the matter as confirming that Point72, which manages around $31bn in AUM, opened a location in the northern Italian city in recent months for front-office personnel, adding to existing UK, France and Poland offices.

Capstone, meanwhile, which manages around $11.5bn, made its Milan move in January, according to another Bloomberg source, with the northern Italian city joining the firm's existing European network which include offices in Amsterdam and London.

Other hedge funds to establish a presence in Milan in recent years include Eisler Capital, Andera Partners, Arcmont Asset Management and Certares Management.