The former hedge fund managers personal investing shop, Point72 Asset Management, has generated a gross profit of about $1.8 billion so far this year, according to a person with knowledge of the returns. The exact percentage gain was unclear, but its much more than the average hedge fund. Point72 manages between $9 billion and $10 billion, the vast majority of it for Cohen. The average stock-focused hedge fund, as measured by the Absolute Return U.S. Equity Index, gained 2.58 percent net of fees through September. The family office has about 860 employees, down from 1,050 when SAC plead guilty to criminal insider trading charges. About 460 staffers are based at Point72s Stamford, Connecticut, headquarters; most others are in New York City. Read More Now Steve Cohen is paying for being extra ethical News of the profit was first reported by The New York Times. A spokesman for Point72 declined to comment. Making billions of dollars in a single year is nothing new for Cohen. Trade publication Alpha estimated that he made $2.6 billion in 2013.
Posted on: Fri, 17 Oct 2014 06:00:00 +0000
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