Steve Cohen Tops Hedge Fund Rich List With $3.4 Billion Haul
Steve Cohen spent last fall doing something few billionaire owners enjoy: apologizing. As the New York Mets staggered through a bruising 2025 campaign, he took to social media to tell fans he was sorry for the disappointment at Citi Field. Yet even as the baseball season fizzled, Cohen was clinching a very different kind of pennant, according to Bloomberg.
The founder of Point72 Asset Management finished the year as the highest-paid hedge fund manager on Bloomberg’s annual ranking, pocketing an estimated $3.4 billion. That works out to more than $9 million every day — a staggering haul even by Wall Street standards. For the first time since the list began, Cohen sat alone at the top.
The contrast is striking. Cohen, 69, bought the Mets in 2020 for a record $2.4 billion and pledged to deliver a championship within three to five years. He backed up that promise with one of the sport’s largest payrolls. But while October glory in Queens remains elusive, his investment firm in Stamford, Connecticut, has flourished.
Point72’s ascent is particularly notable given its history. Cohen’s former firm, SAC Capital, pleaded guilty in 2013 to insider-trading charges and returned outside investors’ money; Cohen himself denied wrongdoing. When Point72 reopened to clients in 2018, skeptics wondered whether investors would return. They did — quickly and in size. More than $4 billion poured in at launch, followed by steady inflows that have helped lift assets under management to $45.7 billion. That scale places it among the industry’s largest multistrategy operations, competing with firms such as Citadel and Millennium Management.
Bloomberg writes that Cohen’s 2025 payday outpaced several longtime rivals. David Tepper of Appaloosa Management claimed second place with $3.2 billion, while Izzy Englander of Millennium followed closely at $3.1 billion. Ken Griffin, who has frequently dominated the rankings in past years, earned $2.4 billion and placed fifth.
The industry’s biggest names enjoyed a banner year overall. The 10 top earners collected about $22 billion between them, and the expanded top-20 list generated $28.3 billion in total compensation. On average, each of the 20 managers made $1.4 billion — the strongest showing in five years and the largest number of billion-dollar payouts yet recorded. Buoyant, volatile equity markets helped drive hedge fund returns to their best levels since 2009.
Point72 itself delivered a 17.5% gain in its flagship strategies, a solid result that outpaced several multistrategy competitors. Citadel, which has produced returns as high as the mid-30% range in recent years, advanced just over 10% in 2025, its softest performance since 2018.
Flush with capital, Point72 has been expanding aggressively. Over the past decade it has opened a dozen new offices, grown its workforce to roughly 3,000 employees, and built out more than 190 trading teams. The firm has broadened beyond traditional stock picking into macro investing, scaled up its quantitative arm Cubist, and started laying the groundwork for private credit and venture strategies. In one unusual move, it allowed a star portfolio manager to run an internal fund vehicle, which now oversees about $3 billion after posting strong returns last year.
For Cohen, the year underscored a peculiar dual reality. On the diamond, the Mets are still chasing the success their owner promised. In the financial arena, however, he just delivered the most lucrative season of his career.
Tyler Durden
Fri, 02/20/2026 – 14:20