May 1 (Bloomberg) -- Steven A. Cohen, who closed his hedge-fund firm SAC Capital Advisors LP this year to settle allegations of insider trading, is stepping down as a director of the Robin Hood Foundation after 10 years on the board.
Cohen, 57, who now manages his personal wealth at Point72 Asset Management LP, will join the Robin Hood emeritus board, he said in a letter to Barry Sternlicht, chairman and CEO of Starwood Capital Group LLC and chairman of the charity’s board.
Cohen will continue his philanthropic work directed at helping military personnel returning from war, he said in the letter. The billionaire co-chaired the Robin Hood Veterans Advisory Board with Admiral Mike Mullen, an experience he said helped him to understand the challenges faced by U.S. soldiers who fought in Iraq and Afghanistan.
“I have become determined to do what I can to advance veterans’ transition to civilian life,” he wrote.
His family foundation will underwrite research into biological markers of post-traumatic stress disorder, support the Military Family Clinic at New York University’s Langone Medical Center and apply the lessons learned at that clinic to other locations across the country, he said in the letter.
Doug Haynes, who joined Point72 Asset Management earlier this year, will remain on the Robin Hood board, Cohen said in the letter.
“On behalf of all of us at Robin Hood, I’d like to express our gratitude to Steve for his decade of service, particularly with his work on behalf of veterans,” Sternlicht said in a press release.
Cohen transformed SAC into a family office this year to manage his personal fortune estimated at $11 billion, according to the Bloomberg Billionaires Index. He stopped managing outside money as part of a record $1.8 billion settlement over a U.S. government probe of insider trading.
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