Billionaire investor Steve Cohen is stepping back from active trading activities at his hedge fund, Point72. Cohen, who also owns the New York Mets, will continue to serve as co-chief investment officer at Point72. This firm, originally known as S.A.C. Capital Advisors, was rebranded by Cohen in 2014 following extensive insider trading settlements.
According to a spokesperson at Point72, Cohen is pausing his personal trading to focus on broader firm management, strategic initiatives, and mentoring emerging talent. Point72, which employs long/short, macro, and systematic strategies, oversees assets exceeding $35 billion. Recently, the firm announced plans to launch a separate hedge fund with a focus on artificial intelligence, aiming to leverage current market trends in the AI sector.
Cohen has publicly expressed strong long-term confidence in AI, describing it as a “really durable theme” for investment, akin to the technological advancements seen in the 1990s. Point72 remarks on the significant value Cohen’s mentorship brings, highlighting his 40 years of experience in the industry. His focus has shifted to nurturing young professionals and driving impactful success within the firm.
Bloomberg News initially reported Cohen’s decision to move away from trading earlier this week.
