Article: Steve Cohen Rides Point72 Gains to $1.4 Billion in Personal Earnings

Article - Media, Publications

Steve Cohen Rides Point72 Gains to $1.4 Billion in Personal Earnings

Stephen Taub, 05 January 2021

Steven Cohen’s Point72 Asset Management just posted its best year since it launched with outside money in 2018 — capping what has been a remarkable professional and personal comeback for the founder of now-defunct SAC Capital Advisors.

Point72 posted a roughly 16 percent net gain in 2020, according to a person who has seen the results. The return means the firm’s founder and New York Mets owner personally made more than $1.4 billion last year, according to calculations by Institutional Investor. This works out to nearly two-thirds of the roughly $2.4 billion Cohen shelled out in September to buy the Mets — and follows personal earnings in 2019 of $1.3 billion.

Cohen did not respond to a request for comment by the time of publication.

Point72 launched in 2014 after regulators forced him to shut down SAC and barred him from managing other people’s money for two years. SAC had been one of the most high-profile hedge funds in the industry, producing eye-popping gains for several years — until regulators charged the firm with insider trading in 2013. Cohen was never individually charged.

Read Full Article