The Smart Finance APP learned that Steve Cohen, the billionaire hedge fund founder, has bid farewell to the daily hustle and bustle of the trading floor. Although he continues to serve as co-chief investment officer of Point72 Asset Management with Harry S. Schwefel, he will no longer directly manage client funds. In an emailed statement released by the company, the 68-year-old Cohen stated that he will focus his energy on driving the company's development and guiding and nurturing talent.

Cohen has had an influence in the financial industry for over 30 years. He not only rebuilt his hedge fund after a costly insider trading scandal but also developed it into one of the largest hedge funds in the world. His company now has over 185 trading teams and has expanded into other areas, including sports, such as the New York Mets, which he acquired in 2020. Despite this, Cohen still maintains his own small-scale trading account and regularly trades.

Tiffany Galvin-Cohen, a spokesperson for Point72, emphasized the importance of Cohen as a mentor to investment professionals, saying, "Steve Cohen is an influential mentor to our investment team and holds tremendous value for us." She added, "Having worked in this industry for 40 years, he has accumulated rich experience. His most satisfying role now is to help others succeed and see the impact that this success creates, which he believes is where the greatest value can be created."

Due to Point72's adoption of multiple investment strategies, including long/short equity, macro, and quantitative investing, even a trader like Cohen cannot have a significant impact on the company's profitability. However, his move is seen as a litmus test to determine if this multi-strategy firm can continue to thrive beyond its legendary founder.

Cohen had temporarily stepped away from trading in the past, but his recent decision may change that. Since 2018, his company has raised over $20 billion in funds and as of July 1, managed assets reached a record-breaking $35.2 billion, indicating that investors are still enthusiastic about supporting hedge funds driven by trading teams. Reports indicate that Point72 had an annualized return of approximately 10% as of August and is considering returning profits to clients by 2025.

In an interview in May 2021, Cohen stated, "The company is much larger than me now, which actually makes me feel very free."

It is understood that Cohen was a executive at SAC Capital Advisors, which paid a record $1.8 billion in federal insider trading investigation over seven years. In 2013, SAC admitted to illegally profiting hundreds of millions of dollars and fostering a culture of crimes that encouraged open insider trading. Despite Cohen's denial of any improper behavior and never being charged or prosecuted, he agreed not to manage external funds for two years.

After the company's admission of guilt, Cohen renamed the company to Point72, returned client funds, and began trading with his own funds. By early 2018, he resumed managing funds for external investors.

Cohen's interest in the stock market began at the age of 13 when he started paying attention to the stocks listed in the New York Post. His father was an apparel manufacturer and would bring home these stocks every night. Later, Cohen went to the Wharton School at the University of Pennsylvania, where he often skipped classes to observe stock trading at a local brokerage. He was self-taught and became a 'tape reading master,' able to predict stock trends by observing price fluctuations and trading volume.

In 1977, Cohen earned a degree in economics and joined the brokerage firm Gruntal in New York as a proprietary trader. He achieved success there and became the company's chief proprietary trader in 1985, before resigning in 1992 to found SAC.

According to the Bloomberg Billionaires Index, Cohen's net worth is $14.7 billion, making him one of the richest 100 people in the USA.