Point72’s Steve Cohen is stepping back from trading his own book


Steven Cohen, founder of Point72 and majority owner of the New York Mets, attends a news conference at Citi Field, the home stadium of MLB’s New York Mets, in Queens, New York, on Feb. 10, 2021.

Brendan McDermid | Reuters

Billionaire investor Steve Cohen is retiring from the trading floor at his hedge fund Point72.

The prominent hedge fund investor, who also owns the New York Mets, will continue his role as the co-chief investment officer at Point72, which Cohen converted from S.A.C. Capital Advisors in 2014 after lofty insider-trading settlements.

“He is taking a break from trading his own book and he feels he can have a greater impact by focusing on running the firm, driving strategic initiatives, and mentoring and coaching the next generation of talent,” a spokesperson at Point72 said.

Point72, which uses long/short, macro and systematic strategies, manages more than $35 billion. Most recently, the firm is planning to launch a separate, artificial intelligence-focused hedge fund to capitalize on the boom.

Earlier this year, Cohen came out as a long-term AI bull. He has called AI a “really durable theme” for investing, comparing the rise to the technological developments in the 1990s.

“There’s huge value in having Steve as an impactful mentor for our investment professionals; he’s been doing this for 40 years and he’s seen a lot,” Point72 said. “That’s what gives him the most satisfaction these days — helping people succeed and seeing it make a difference — and where he feels he can add the most value.”

Bloomberg News first reported on Cohen’s move away from trading earlier Tuesday.

Don’t miss these insights from CNBC PRO



View Original Source Here

You May Also Like
Steve Cohen is set to make a big push into investing in AI

Steve Cohen is set to make a big push into investing in AI

Steve Cohen, chairman and CEO of Point72, speaking to CNBC on April…
Why one expert called earned wage access ‘payday lending on steroids’

Why one expert called earned wage access ‘payday lending on steroids’

Fotostorm | E+ | Getty Images Millions of American workers are paying…

Japan shares reach 10-week high, look past Sino-U.S. tension

SYDNEY (Reuters) – Asian shares crept ahead on Tuesday following an upbeat…
Does the tax on your year-end bonus check seem high? Here’s why

Does the tax on your year-end bonus check seem high? Here’s why

Jgi/tom Grill | Tetra Images | Getty Images Does your year-end bonus…