Cohen's private investments deliver strong 7.5 percent gain in first quarter

BOSTON (Reuters) – Billionaire Steven A. Cohen’s investments gained 7.5 percent in the first three months of 2015, according to a person familiar with the numbers, helping the former hedge fund manager extend his string of market-beating returns.

Cohen’s Point72 Asset Management, which invests the Cohen family’s $11 billion fortune, handily outperformed the broader stock market this year after the Standard & Poor’s 500 index climbed less than 1 percent since January 1. The average hedge fund has gained 2.18 percent this year, research firm Hedge Fund Research reported.

Federal prosecutors forced Cohen to shut down his hedge fund SAC Capital and return money to outside investors after the fund pleaded guilty to insider trading charges.

He changed the name to Point72 Asset Management to underscore a break with the past. But Cohen’s returns, which had long generated envy on Wall Street, have continued to be strong, people who used to invest with him and are still following his performance said.

Cable news channel CNBC first reported the numbers.

Other hedge funds are expected to relay first-quarter returns to their investors in the coming days and weeks.

(Reporting by Svea Herbst-Bayliss; Editing by Jonathan Oatis)

Filed in: Top News Tags: 

You might like:

Morgan Stanley raises targets, but Wall Street wants more Morgan Stanley raises targets, but Wall Street wants more
Ex-Bank of America executive Malik to launch fund advisory firm Ex-Bank of America executive Malik to launch fund advisory firm
Exclusive: Blackstone's Hill hands hedge fund reins to McCormick Exclusive: Blackstone's Hill hands hedge fund reins to McCormick
Factbox: Big U.S. banks' fourth-quarter results muddied by new tax law Factbox: Big U.S. banks' fourth-quarter results muddied by new tax law
Families can pool resources for disabled in ABLE accounts Families can pool resources for disabled in ABLE accounts
Your estate plan needs an update, even if it is new Your estate plan needs an update, even if it is new
Oil specialist Westbeck to launch electric vehicle hedge fund Oil specialist Westbeck to launch electric vehicle hedge fund
Nursing home study raises questions on Medicare managed care networks Nursing home study raises questions on Medicare managed care networks
© 9370 Stock Investors News. All rights reserved. XHTML / CSS Valid.