On February 10, 2021, Steven Cohen, founder of Point72 and major shareholder of the New York Mets, attended a press conference held at Citi Field, home of the MLB New York Mets, in Queens, New York.
Brendan McDermid | Reuters
Billionaire investor Steve Cohen is retiring from the trading floor of his hedge fund Point72.
The famed hedge fund investor, who also owns the New York Mets, will continue to serve as Point72’s co-chief investment officer.
A spokesman for Point72 said: “He is taking a break from trading his book and feels he can have a greater impact by focusing on running the company, driving strategic initiatives and mentoring and mentoring the next generation of talent.”
Point72 uses long-short, macro and systemic strategies and manages more than $35 billion. Most recently, the company planned to launch a separate, artificial intelligence-focused hedge fund to capitalize on the boom.
Earlier this year, Cohen publicly expressed his long-term bullishness on artificial intelligence. He compared the rise of artificial intelligence to technological developments in the 1990s and said artificial intelligence is a “really enduring investment theme.”
“Steve has tremendous value as an influential mentor to our investment professionals; he’s been in this business for 40 years and has seen a lot,” Point72 said. “That’s what brings him the most satisfaction these days. where he feels he can add the most value — helping people succeed and seeing it make a difference.”
Bloomberg News first reported Cohen’s exit from the deal earlier Tuesday.
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