Capital Advisors. SAC was a Stamford, Connecticut-based hedge fund which mainly focused on equity market strategies. The firm was shuttered in the wake of an insider trading scandal. Today Cohen runs a hedge fund called Point72 Asset Management which exclusively manages his own money.
He was born on June 11, 1956 in Great Neck, New York. Cohen grew up in Great Neck, Long Island in a family where he had many siblings, the third of eight children. His father worked at a dress manufacturer and his mother was a homemaker who also taught piano lessons.He began his Stamford-headquartered hedge fund in 1992 with only $25 million. The fund eventually grew to control at least $14 billion assets under management and employed around 900 people globally. During the late '90s and early 2000s, Cohen came into prominence as a powerful Wall Street trader, known for his grand slam returns.
In 2013 SAC pleaded guilty to insider trading and agreed to pay a $1.8 billion fine ($900 million in fines and $900 million in asset forfeitures). Steven was personally implicated in the scandal, allegedly being as "Portfolio Manager A" in an insider-trading case against former CR Intrinsic (a subsidiary of SAC) portfolio manager, Mathew Martoma. During a conference call in late 2012, SAC management disclosed that it had received a Wells Notice from the SEC. On the same call, Cohen told investors he was confident he acted appropriately and that he takes these matters very seriously. Since Cohen rarely gives interview, his public tends to know little about him, other than what is made public through the trading world.
Cohen's art collection is worth around $1 billion. He owns a 14-acre estate located in Greenwich, Connecticut. In 2012 Cohen purchased a 4 percent stake in the New York Mets. In September 2020 he spent $2.35 billion to increase his stake in the team up to 95%. Cohen inherited a team that has regularly loses money. The Mets typically lose about $90 million in a normal season. In 2020, the year of purchase, with the season impacted by the coronavirus pandemic, the Mets' losses topped $200 million.
