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Matthias Knab, Opalesque: Steven Cohen's hedge fund continues with its winning formula as the Point72 Asset Management returned nearly seven percent in the first six months of the year despite a flat performance in June, reports Bloomberg.
A spokesman for the Connecticut-based fund who asked not be named said Point72's first half performance was in line with other multi-strategy firms. The hedge fund started trading outside money early this year.
The Securities and Exchange Commission (SEC) banned Cohen from trading outside money for two years after his former hedge fund firm, SAC Capital Advisors, was found guilty of securities fraud and was fined $1.8 billion in penalties. Cohen was not charged of any wrongdoing. The ban expired on January 1.
Since the ban ended, Point72 has raised over $4 billion from outside investors, attesting investor's confidence to Cohen. Since launching Point72, Cohen aggressively built up its management team, hiring from Morgan Stanley, and portfolio managers from Balyasny Asset Management.
Last week, Cohen announced plans to invest in a cryptocurrency-focused hedge fund, validating the emergence of digital currency as an important asset class.
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