Steven Cohen, the founder of Point72 Asset Management and majority owner of the New York Mets, announced his retirement from the trading floor at his hedge fund. Cohen, who transitioned Point72 from S.A.C. Capital Advisors in 2014 following significant insider-trading settlements, will maintain his position as co-chief investment officer at the firm.
A spokesperson for Point72 explained that Cohen is stepping back from trading his personal portfolio to focus on overseeing the firm, driving strategic initiatives, and mentoring emerging talent within the organization. This decision reflects his belief that he can have a more substantial impact in these areas.
Point72 manages an asset portfolio exceeding $35 billion, employing a variety of strategies including long/short, macro, and systematic approaches. The firm recently announced plans to establish a separate hedge fund centered on artificial intelligence, aiming to take advantage of the current boom in AI technology.
Earlier in the year, Cohen expressed strong confidence in the long-term potential of AI, describing it as a “really durable theme” for investing, akin to the technological advancements witnessed in the 1990s.
A representative from Point72 highlighted the value of Cohen’s mentorship, noting his 40 years of experience in the industry and his enjoyment in helping others achieve success. This, they noted, is where Cohen feels he can contribute the most at this stage in his career.
Bloomberg News was the first to report on Cohen’s decision to step away from trading earlier on Tuesday.
