Steven Cohen
Adam Jeffery |
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 replaced from SAC Capital Advisors in 2014 after the latter reached large settlements related to insider trading.
“He is taking a break from trading his own book and believes he can have a greater impact by focusing on leading 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 company plans 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, calling AI a “really sustainable theme” for investment and comparing its rise to technological developments in the 1990s.
“It's a huge value to have Steve as an influential 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 these days – helping people succeed and seeing that make a difference – and where he feels he can add the most value.”
Bloomberg News first reported on Cohen's withdrawal from trading on Tuesday.