Steven Cohen, founder of Point72 and majority owner of the New York Mets, attends a news conference at Citi Field, home stadium of the New York Mets of Major League Baseball, in Queens, New York, on February 10, 2021.
Brendan McDiarmid | Reuters
Billionaire investor Steve Cohen is planning to retire from the trading floor of his hedge fund Point72.
The prominent hedge fund investor, who also owns the New York Mets, will continue his role as co-chief investment officer at Point72, which Cohen transferred from SAC Capital Advisors in 2014 after costly insider trading settlements.
“He is taking a break from trading his own book and feels he can have a greater impact by focusing on running the company, driving strategic initiatives, and mentoring and training the next generation of talent,” a Point72 spokesperson said.
Point72, which uses long/short, macro, and systematic strategies, manages over $35 billion. The firm recently plans to launch a separate hedge fund focused on artificial intelligence to capitalize on the boom.
Earlier this year, Cohen came out as bullish on AI in the long term. He called AI a “really perennial theme” for investing, and compared its rise to technological advances in the 1990s.
“Having Steve as an influential mentor to our investment professionals is invaluable; he’s been doing this for 40 years and has seen a lot,” Point72 said. “That’s what gives him the most satisfaction these days – helping people succeed and seeing the difference it makes – and that’s where he feels he can add the most value.”
Bloomberg News first reported Cohen's departure from trading earlier Tuesday.
