Steven Cohen still beating hedge funds after shutting SAC

The billionaire, who started Point72 Asset Management LP to oversee his own wealth, has gained about 9 percent this year, according to two people with knowledge of the matter. Hedge funds on average have returned 2.5 percent this year through June, according to data compiled by Bloomberg. The gains, close to $1 billion, equal more than half the record $1.8 billion his hedge fund paid to settle U.S. allegations of insider trading. Cohen, who is worth about $11 billion, according to the Bloomberg Billionaires Index, had generated average annual returns of 30 percent, one of the best records in the hedge-fund industry, since he started SAC in 1992.

via Business News http://ift.tt/1uGQ5Bg