Steven Cohen, founder of Point72 and majority owner of the New York Mets, attends a press conference at Citi Field, home of Major League Baseball’s New York Mets, in Queens, New York, on February 10, 2021.
Brendan McDermid | Reuters
Billionaire investor Steve Cohen is retiring 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 spun out of SAC Capital Advisors in 2014 after high-profile insider trading deals.
“He is taking a break from his own book negotiations 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 more than $35 billion. Most recently, the firm is planning to launch a separate hedge fund focused on artificial intelligence to capitalize on the boom.
Earlier this year, Cohen came out as a long-term AI bull. He called AI a “really durable theme” for investment, comparing its rise to the technological developments of the 1990s.
“There’s tremendous value in having Steve as an impactful mentor to our investment professionals; he’s been doing this for 40 years and has seen a lot,” Point72 said. “That’s what gives him the most satisfaction right now — helping people succeed and seeing that make a difference — and where he feels he can add the most value.”
Bloomberg News was first to report Cohen’s withdrawal from the negotiations on Tuesday.
