Steve Cohen is looking to raise $US20 billion for his big hedge fund comeback, the Wall Street Journal reported.
That would make his fund the biggest ever US hedge fund launch, less than four years after his predecessor hedge fund firm, SAC Capital Advisors, was banned from managing external money and pleaded guilty to insider trading.
Cohen was never charged, and he neither admitted nor denied wrongdoing in a civil settlement. He is allowed to manage external capital again in 2018.
The $US20 billion that Cohen is seeking represents a step up from SAC, which at its peak managed $US16 billion. However, Cohen may be lowering his onetime sky-high fees to investors, which once totaled 3% in management costs and half of all trading profits, according to the Journal.
Since Cohen was banned from managing outside money, he has been running a 1,000-person family office, Point72 Asset Management, that manages about $US11 billion, including his fortune.
Most or all of that $US11 billion is expected to be rolled into the $US20 billion launch, according to the Journal.
A media representative for Cohen didn’t immediately respond to a request for comment.