Point72’s Steve Cohen is retiring from trading his own book

Billionaire investor Steve Cohen is retiring from the trading platform at his hedge fund Point72.

The prominent hedge fund investor, who also owns the New York Mets, will continue in his role as co-chief investment officer at Point72, which Cohen spun off from SAC Capital Advisors in 2014 after high-profile insider trading deals.

“He is taking a break from trading his own book and feels he can have a greater impact by focusing on running the company, leading strategic initiatives and mentoring and mentoring the next generation of talent,” a Point72 spokesperson said .

Point72, which uses long/short, macro and systematic strategies, manages more than $35 billion. Most recently, the firm plans to launch a separate hedge fund focused on artificial intelligence to capitalize on the boom.

Earlier this year, Cohen emerged as a long-term AI bull. He called AI a “really sustainable theme” for investing, comparing its rise to the technological developments of the 1990s.

“It is a tremendous value to have Steve as an impact mentor for our investment professionals; he’s been doing this for 40 years and he’s seen a lot,” Point72 said. “That’s what gives him the most satisfaction these days — helping people succeed and seeing that make a difference — and where he feels he can add the most value.”

Bloomberg News first reported Cohen’s exit from trading earlier Tuesday.