Steve Cohen is an American hedge fund manager. Better known as ‘Uncle Steve’ to his closest circle, Steve Cohen also owns the New York Mets of Major League Baseball (MLB). Currently, Cohen owns almost 97.2% of the team.
While becoming a minority owner of the team in 2012, Cohen owned only around 8% stake in the team. Apart from his ownership of the Mets, Steve Cohen is also a successful hedge fund manager.
Steve Cohen owned two hedge funds, Point72 Asset Management, and S.A.C Capital Advisors. While the former still continues its successful operations, the latter was closed down in 2016.
The firm was accused of insider trading and agreed to pay a fine of $1.8 million as fine for the crime committed. The case is regarded as one of the biggest criminal cases against a hedge fund in history.
Who Is Steve Cohen?
Steve Cohen is the founder of the hedge fund Point72 Asset Management. The firm is regarded to be one of the most successful hedge funds and the latest reports suggest that the firm manages around $29 billion.
Before Point72 Asset Management, Cohen also founded another hedge fund named S.A.C. Capital. The firm was considered one of the most successful hedge funds ever. But after being charged guilty in an insider trading case, the firm stopped existing as a separate entity in 2016.
Apart from his successful career in hedge funds, Steven Cohen is also the owner of the professional American baseball team, The New York Mets. Cohen holds almost 97.2% share in the team. Steve Cohen became an owner of the team in 2012 with a minority share of 8%.
He purchased the team in 2020 for a reported amount of $2,4 billion. The amount is considered as the highest sale price for a team in the history of MLB.
While he owns different successful business ventures, Steve Cohen strongly believes in the idea of giving to society. As per the latest reports, Cohen has given over $1 billion to philanthropic causes.
Steve Cohen – Early Life And Education
Steve Cohen was born on June 11, 1956, in Great Neck, New York. Cohen’s father used to work as a dress manufacturer and his mother was a piano teacher. The couple had a total of seven children together and Cohen was the thyroid one among their kids.
Steve Cohen grew up as a New Yorker and completed his high school education at John L. Miller Great Neck North High School. Cohen used to play on his high school soccer team.
After graduating high school in 1974, Cohen enrolled at the Wharton School at the University of Pennsylvania. Wharton is generally considered the most prestigious business school in the world and Cohen received his bachelor’s degree in Economics from the institution in 1978.
After completing his education at Wharton, Steve Cohen got a Wall Street job as a junior trader at Gruntal & Co.
Steve Cohen – Investment Career
Steve Cohen started his career in investment through his job at Gruntal & Co. as a junior trader. Cohen was an exceptional trader and he was able to build a $75 million portfolio and six traders. While working at Gruntal & Co, Cohen ran his own trading group.
He continued the operations of his trading group until 1992 when he started his own company SAC. The Securities and Exchange Commission was suspicious of the firm being involved in insider trading and called Cohen to testify in the case. Cochin used his right against self-incrimination and avoided the question by the SEC.
The company SAC Capital Investors grew its business through the years and was highly successful. The firm was managing almost $14 billion in equity as of 2009. The same year, Cohen’s ex-wife Patricia sued him and his brother Donald T. Cohen, accusing them of racketeering and insider trading.
The investigation that followed by the SEC brought out the truth and SAC Capital Advisors pleaded guilty to the insider trading changes and eventually agreed to pay a penalty amount of $1.8 million. The company ceased to exist as a separate entity in 2016.
Steve Cohen also founded another venture capitalist fund in 2014 naked Point72 Ventures.
Steve Cohen – Net Worth
The net worth of Steve Cohen is estimated to be about $17 billion as of 2023. He is one of the top 50 wealthiest people in the United States as per the latest reports. A major portion of his net worth is earned through his successful career in investments.
In 2006, a Wall Street Journal article described Cohen as ‘the hedge fund King’ for his successful career in the field. Forbes also gave Cohen the title of the highest-earning hedge fund manager in 2014.
St6eve Cohen is also the major owner of the New York Mets of Major League Baseball. While joining the team, Cohen was just a minority owner who had only an 8% stake in the team. Currently, he is the owner of almost 97.2% of the team’s stake.
Steve Cohen – Personal Life And Family
Steve Cohen has been married two times. His first marriage was with Patricia Finke. Patricia was a fellow New York native who grew up in Washington Heights, Manhattan.
Cohen and Patricia lived together for almost 11 years and they finally got divorced in 1990. Patricia and Steve Cohen have two children from their marriage.
After his divorce in 1990, Steve Cohen got married to Alexandra Garcia in 1991. Garcia was a single mother who had Puerto Rican roots. The couple met together through a dating service.
Steve Cohen- Philanthropy
Steve Cohen is a person who believes in the concept of giving back to society. Throughout his life, Cohen has given almost $715 million to philanthropic and charitable causes. He has also been known to make generous donations to different funds and schemes that aim at helping people.
His foundation has provided funding for the study of post-traumatic stress and traumatic brain injury through the New York University Langone Center and the foundation has also contributed around $50 million to the New York Museum of Modern Art.