Ex-Point72 Manager Plotkin Is Said to Raise $700 Million

Gabriel Plotkin, who was one of billionaire Steven A. Cohen’s top money managers, raised about $700 million for his new hedge fund, according to two people with knowledge of the matter.

Plotkin, 36, has posted a 0.8 percent gain in his fund, Melvin Capital, since it started trading on Dec. 11, said one of the people, who asked not to be identified because the information is private. Melvin Capital expects to manage $900 million by Feb. 1, the other person said. Plotkin declined to comment on the fundraising.