Steven Cohen, founder of Point72 and majority owner of the New York Mets, attends a press conference at Citi Field, the home stadium of MLB’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 at his hedge fund Point72.
The prominent hedge fund investor, who also owns the New York Mets, will continue in his role as co-chief investment officer at Point72, which Cohen acquired from SAC Capital Advisors in 2014 following lofty insider trading settlements.
“He is taking a break from trading his own book and believes he can have a greater impact by focusing on running the business, driving strategic initiatives and mentoring and coaching the next generation of talent,” said a spokesperson for Point72.
Point72, which uses long/short, macro and systematic strategies, manages more than $35 billion. Most recently, the company plans to launch a separate artificial intelligence-focused hedge fund to capitalize on the boom.
Earlier this year, Cohen emerged as a long-term AI bull. He calls AI a “truly sustainable theme” for investments, comparing its rise to the technological developments of the 1990s.
“It is extremely valuable to have Steve as an impactful mentor to our investment professionals; he has been doing this for 40 years and has seen a lot,” said Point72. “That’s what gives him the most satisfaction these days: helping people succeed and seeing it make a difference – and where he thinks he can add the most value.”
Bloomberg News first reported Cohen’s decision to leave trading earlier Tuesday.