The SEC can’t keep Steven A. Cohen down. Despite insider trading charges, a $US1.2 billion penalty, and the closing of SAC Capital, Cohen’s new fund is up 9% this year, Bloomberg reported.
Compared to Cohen’s Point72 Asset Management, other hedge funds averaged a 2.5% return this year through June. Point72 manages about $US9-10 billion of Cohen’s personal wealth, and has seen a profit of about $US1 billion this year.
SAC Capital transitioned to become Point72 Asset Management in April, after the firm was accused of running a decade-long an insider-trading scheme and shut down. Cohen, 58, turned the fund into a family office with 850 employees, down from 1,000 at SAC.
Cohen, 58, has a net worth of about $US11 billion. He has a track record of impressive returns, averaging about 30% since SAC Capital launched in 1992.
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