Brendan McDermid | Reuters
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.
Original news source Credit: www.cnbc.com
You must be logged in to post a comment Login