Steve Cohen's 'Comeback' Draws Closer

Bloomberg Tuesday reported that hedge fund legend Steve Cohen has “unofficially” began positioning to sign up clients for a new fund.

Citing people familiar with Cohen’s plans and family office performance, the report also suggests that the man known for his high-flying returns may be getting his groove back.

Some key takeaways:

• The marketers Cohen hired last year have reportedly told prospective clients to expect “a trove of marketing materials” in the coming weeks. These materials would include track records, due diligence documents, etc.
• After 1.5 years of struggling to clear a profit, Cohen’s Point72 Asset Management is said to be up 5 percent year to date (the S&P 500 is up 9.5 percent over the same period).
• Cohen will regain his ability to manage outside money Jan. 1, 2018. Officially speaking, he remains undecided as to whether he’ll start a fund at that time, but Bloomberg’s sources say he may raise anywhere from $2 billion to $10 billion, while other reports have quoted figures as high as $20 billion.

In an age of robo-advisers and passive investing, Cohen’s return, if it happens, may mark the return of the superstar stock-picker.

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