Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#109 Steve Cohen $12.1B

Random fact: Phones on the Point72 trading floor light up instead of ring.

Overview

Cohen is the owner of Point72 Asset Management, an investment adviser with about $11 billion in assets under management. The Stamford, Connecticut-based company was previously known as SAC Capital Advisors. Cohen has a collection of modern art, and owns a minority stake in Major League Baseball's New York Mets.

As of July 24, 2017:
Last change No change
YTD change +$899M (+8.1%)
Industry Finance
Biggest asset Point72 Hedge Funds
Citizenship United States
Age 61
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Steve Cohen's net worth of $12.1B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Cohen's fortune is derived from his holdings in the assorted hedge funds operated by Point72 Asset Management. The firm had about $11 billion in assets under management in January 2017, according to Mark Herr, a spokesperson for the company. Cohen personally owns about 95 percent of the assets under management, according to a person familiar with the billionaire's holdings who asked not to be identified because the firm is closely held.

He also owns an art collection valued at about $1 billion, according to two people familiar with his assets who asked not to be identified because the collection is private. The billionaire is credited with at least $480 million in cash and other assets, including his 14-acre estate in Greenwich, Connecticut. He donates more than $35 million a year to health, education and poverty causes.

The billionaire purchased a four percent stake in the New York Mets in 2012 for $20 million, according to a Bloomberg News report at the time. That stake is valued at $90 million, based on discussions with Marc Ganis, president of sports consultancy Sportscorp.

Cohen's firm -- then known as SAC Capital Advisors -- agreed in November 2013 to plead guilty to securities and wire fraud, pay $1.8 billion in fines and forfeitures, and stop managing money for outside investors. The cost of the fines was deducted from the company's assets under management on Nov. 4, 2013.

Jonathan Gasthalter, a spokesman for Cohen, said the billionaire declined to comment on his net worth.

Biography

Birthdate: 6/11/1956
Family: Married, 7 children
Education: 1977, Wharton School of The University of Pennsylvania

Steve Cohen was born in Great Neck, New York, to a piano teacher and a garment manufacturer. He was the third of eight children. After graduating from the University of Pennsylvania's Wharton School with a degree in economics, he took a job as an options trader at New York-based brokerage Gruntal & Co. in 1978. Cohen was running his own trading division within the company by 1984.

He left Gruntal in 1992 and started hedge fund operator SAC Capital Advisors with $25 million, much of it his own money. The company had average annual returns of about 30 percent before fees, which on some funds are as high as 3 percent of assets and 50 percent of profits. His best year was 2000, when SAC returned 73.4 percent before fees.

SAC Capital pled guilty in 2013 to securites fraud and agreed to pay a $1.8 billion fine in relation to insider trading by one of its portfolio managers. Cohen wasn't charged with any wrongdoing while accepting an SEC ban on his managing outside money until 2018. He agreed to convert SAC to a family office, which he renamed Point72 Asset Management. The billionaire announced in April 2016 that he was forming a new hedge fund, Stamford Harbor Capital. He will own the fund but have no management role, according to Bloomberg News.

Cohen began buying art in the 1990s, and now owns one of the most valuable collections in the world. He owns impressionist paintings by Vincent van Gogh and Claude Monet, as well as contemporary pieces by Jeff Koons and Gerhard Richter. He bought a stake in the New York Mets baseball team for $20 million in 2012, and lost a bid to buy the Los Angeles Dodgers to a group headed by Guggenheim Partners and Magic Johnson.

His marriage to first wife, Patricia Finke, ended in 1990. Nineteen years later, she accused him in federal court of hiding assets during their divorce. The suit was later dismissed. She is appealing that decision. He met Alexandra Garcia through a dating service in 1992. The couple lives in Greenwich, Connecticut. Cohen has seven children.

Cohen is co-chair of the Robin Hood Foundation's Veterans Advisory Board and is a trustee at Brown University. Through the Steven A. Cohen and Alexandra M. Cohen Foundation, he and his wife give more than $35 million to charity annually. They have donated to charter schools in New York and Connecticut, and have funded several medical initiatives, including a walk-in clinic at Greenwich Hospital for uninsured patients; the Alexandra and Steven Cohen Pediatric Emergency Department at New York-Presbyterian Hospital; and the Steven and Alexandra Cohen Children's Medical Center of New York at the North Shore-Long Island Jewish Health System.

Milestones
  • 1956 Steven Cohen is born in Great Neck, New York, the third of eight children.
  • 1978 Graduates from the University of Pennsylvania's Wharton School.
  • 1978 Starts working as an options trader at brokerage Gruntal & Co.
  • 1979 Marries Patricia Finke. The couple have two children.
  • 1984 Takes over his own trading division at Gruntal.
  • 1992 Starts SAC Capital Partners with $25 million of his own money.
  • 2009 Sued by ex-wife, who accuses him of hiding assets during divorce.
  • 2011 Deposed by SEC in insider trading probe involving former employees.
  • 2012 Loses bid for Los Angeles Dodgers to Guggenheim Partners.
  • 2013 SAC agrees to pay $1.8 billion to settle fraud charges, admit insider trading.