Investing

Point72’s Steve Cohen is stepping back from trading his own book

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Steven Cohen, Chairman and CEO of Point72 Asset Management and majority owner of the New York Mets, attends a news conference at Citi Field, the home stadium of MLB’s New York Mets, which is being used for coronavirus disease (COVID-19) vaccination site, in Queens, New York, 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 his role as the co-chief investment officer at Point72, which Cohen converted from S.A.C. Capital Advisors in 2014 after lofty insider-trading settlements.

“He is taking a break from trading his own book and he feels he can have a greater impact by focusing on running the firm, driving strategic initiatives, and mentoring and coaching the next generation of talent,” a spokesperson at Point72 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, artificial intelligence-focused hedge fund to capitalize on the boom.

Earlier this year, Cohen came out as a long-term AI bull. He has called AI a “really durable theme” for investing, comparing the rise to the technological developments in the 1990s.

“There’s huge value in having Steve as an impactful mentor for our investment professionals; he’s been doing this for 40 years and he’s seen a lot,” Point72 said. “That’s what gives him the most satisfaction these days — helping people succeed and seeing it make a difference — and where he feels he can add the most value.”

Bloomberg News first reported on Cohen’s move away from trading earlier Tuesday.

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