Steve Cohen, a multibillionaire investor, is leaving his position on the trading floor at Point72, his hedge fund.
The well-known hedge fund investor, who also owns the New York Mets, will stay on as co-chief investment officer of Point72. Cohen changed S.A.C. Capital Advisors to Point72 in 2014 following high-profile insider trading penalties.
“He is taking a break from trading his own book and he feels he can have a greater impact by focussing on running the firm, driving strategic initiatives, and mentoring and coaching the next generation of talent.” Point72 manages more than $35 billion and employs long/short, macro, and systematic methods.
Most recently, in an effort to take advantage of the boom, the company intends to open a different hedge fund with an AI concentration. Cohen declared himself to be an AI bull for the long run earlier this year.
He has compared the advent of artificial intelligence (AI) to the technical advancements of the 1990s and termed it a “really durable theme” for investing.
Source (CNBC)
