After a remarkable four-decade career in trading, billionaire hedge fund founder Steve Cohen has hung up his spurs. At 68, Cohen, the driving force behind Point72 Asset Management, will still hold the title of co-chief investment officer, alongside Harry Schwefel. However, he’s shifting gears, stepping away from directly managing client capital to focus on firm growth, mentoring, and nurturing talent within the company. This news, reported by Bloomberg, marks a significant change for Cohen, who has built a legendary career in the financial world.
Cohen’s journey with Point72 began in 2014, following the guilty plea of his previous firm, S.A.C. Capital Advisors, to insider trading charges. Since then, Point72 has seen remarkable growth, raising nearly $12.8 billion in capital since 2020 and managing a record $35.2 billion as of July 1. The firm has also delivered strong returns, generating approximately 10% in gains this year through August. With this impressive track record, Point72 is even considering returning profits to its clients in 2025.
While Cohen is stepping back from the trading floor, his presence within Point72 will continue to be felt. He will now dedicate his energy to mentoring and fostering the next generation of investment professionals. Point72 spokesperson Tiffany Galvin-Cohen emphasized the value of having Cohen’s experience and insights available to the team: “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. 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.”
Cohen’s influence extends beyond Point72. He is also the owner of the New York Mets and boasts a net worth of $14.7 billion, placing him among the 100 richest individuals globally, according to the Bloomberg Billionaires Index. While Cohen may have retired from trading, his impact on the financial world and beyond will undoubtedly continue to be felt for years to come.
