Steve Cohen of Point72 Steps Back from Trading His Own Book
Billionaire investor Steve Cohen is stepping back from active trading at his hedge fund Point72. The influential hedge fund manager, also known as the majority owner of the New York Mets, will continue in his role as co-chief investment officer at Point72, the firm he established in 2014 following legal settlements related to insider trading.
“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 mentioned.
Point72, with a focus on long/short, macro, and systematic strategies, oversees assets exceeding $35 billion. The firm is now gearing up to introduce a new hedge fund centered on artificial intelligence as part of its growth strategy.
Earlier this year, Cohen expressed optimism in AI as a long-term investment opportunity, likening its importance to technological advancements seen 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 highlighted. “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 initially reported Cohen’s decision to step back from active trading on Tuesday.
SOURCE
Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.