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Steven A. Cohen is a prominent American hedge fund manager and billionaire known for his significant impact on the finance industry. He is the founder of Point72 Asset Management and formerly of SAC Capital Advisors. His career has been marked by tremendous success, as well as controversy. Here is a detailed biography and life story of Steven A. Cohen:
Early Life and Education
Steven A. Cohen was born on June 11, 1956, in Great Neck, New York, to a Jewish family. His father worked in the garment industry, and his mother was a piano teacher. Cohen developed an interest in the stock market at a young age and began trading stocks while in high school.
He attended the Wharton School at the University of Pennsylvania, where he earned a Bachelor of Science degree in Economics in 1978. During his time at Wharton, he also started trading options and further honed his skills in the financial markets.
Early Career
After graduating from Wharton, Cohen began his career on Wall Street as a junior trader at Gruntal & Co. He quickly made a name for himself by managing a $75 million portfolio and earning the firm substantial profits. His success at Gruntal & Co. laid the foundation for his future endeavors in the hedge fund industry.
SAC Capital Advisors
In 1992, Cohen founded his own hedge fund, SAC Capital Advisors, with $25 million of his own money and an additional $10 million from outside investors. The fund quickly grew due to Cohen’s aggressive and highly profitable trading strategies. SAC Capital became known for its rapid trading and use of fundamental and quantitative analysis to identify market opportunities.
At its peak, SAC Capital managed around $15 billion in assets and was one of the most successful hedge funds in the world. Cohen’s personal wealth soared, and he became known as one of the most influential figures in finance.
Legal Troubles and Insider Trading Scandal
SAC Capital Advisors came under intense scrutiny from federal regulators for allegations of insider trading. In 2013, SAC Capital pleaded guilty to insider trading charges and agreed to pay a record $1.8 billion in fines and penalties. The firm also agreed to stop managing outside money, effectively transitioning into a family office.
Cohen himself was not criminally charged, but he faced a two-year ban from managing outside capital imposed by the Securities and Exchange Commission (SEC). Despite the scandal, Cohen’s personal wealth remained substantial, and he continued to trade using his own capital.
Point72 Asset Management
In 2014, Cohen rebranded SAC Capital Advisors as Point72 Asset Management, operating it as a family office to manage his personal fortune. Following the end of his ban in 2018, Point72 began accepting outside investments once again. The firm has since grown rapidly and manages billions of dollars in assets.
Ownership of the New York Mets
In 2020, Cohen purchased the New York Mets, a Major League Baseball team, for approximately $2.4 billion. His acquisition of the Mets was met with enthusiasm from fans, who hoped his ownership would bring renewed success to the team. Cohen’s investment in the Mets marked a significant shift in his public profile, expanding his influence beyond the financial world.
Personal Life
Steven A. Cohen is married to Alexandra Garcia, and the couple has seven children. They are known for their philanthropy, particularly in the fields of education, healthcare, and veterans’ issues. The Steven & Alexandra Cohen Foundation has donated millions of dollars to various causes, including funding for hospitals, schools, and environmental initiatives.
Legacy
Steven A. Cohen’s career is a testament to his prowess in the financial markets and his ability to build and manage highly successful investment firms. Despite the controversies and legal challenges he has faced, Cohen has maintained a significant presence in the finance industry and continues to influence the markets through Point72 Asset Management.
Cohen’s purchase of the New York Mets and his philanthropic efforts further illustrate his diverse interests and commitment to giving back to the community. His story is one of remarkable success, resilience, and adaptation in the face of challenges.
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