Steve Cohen tops hedge fund rankings as Point72 profits surge

Steve Cohen, owner of the New York Mets and founder of Point72 Asset Management, earned $3.4 billion in 2025, making him the world’s highest-paid hedge fund manager, according to Bloomberg.

The figure translates to more than $9 million per day.

It comes during a difficult period for Cohen’s baseball team, which struggled through the 2025 Major League Baseball season despite operating with a $340 million payroll.

Cohen, who bought the Mets for a record $2.4 billion in 2020, had set a goal of winning the World Series within three to five years, but that timeline has passed without success.

Point72 rebound reshapes legacy

Cohen’s hedge fund success follows a dramatic comeback after his former firm, SAC Capital, pleaded guilty to insider trading in 2013 and returned client funds.

Cohen denied wrongdoing. The episode forced him to rebuild his investment business from scratch.

Point72 reopened to outside investors in 2018 and immediately attracted more than $4 billion in capital.

Since then, investor demand has remained strong.

The Stamford-based firm now manages $45.7 billion, placing it among the world’s largest multistrategy hedge funds, alongside Citadel, Millennium Management, and Balyasny Asset Management, Bloomberg reported.

Point72 has expanded rapidly.

The firm has added 12 offices, doubled its workforce to about 3,000 employees, and increased its trading pods to more than 190 teams.

Its quantitative division, Cubist, has grown to 600 employees from 225, reflecting expansion in data-driven investing.

Rivals trail in earnings ranking

Cohen surpassed several major competitors in Bloomberg’s latest ranking.

David Tepper of Appaloosa Management earned $3.2 billion, securing second place, while Millennium Management founder Izzy Englander earned $3.1 billion, placing third.

Citadel founder Ken Griffin earned $2.4 billion, placing fifth and falling behind Cohen for the first time.

Griffin had previously been a dominant figure in hedge fund earnings.

The top 20 hedge fund managers earned an average of $1.4 billion each in 2025.

This represents the highest average earnings level in five years and also marks a record number of managers earning at least $1 billion.

Bloomberg states that the group collectively earned $28.3 billion, as volatile equity markets helped drive strong industry-wide returns.

Expansion and performance drive growth

Point72 has continued expanding even as it manages significant assets.

At the start of last year, the firm turned away approximately $3-$5 billion in investor capital.

Instead, it focused on strengthening internal capabilities and scaling operations.

The firm launched a macro investing division, expanded private credit initiatives, and began raising its first venture capital fund.

It is also exploring the creation of a commodities trading unit.

Point72 allowed portfolio manager Eric Sanchez to launch an internal fund called Turion, which now manages $3 billion and delivered a 30% gain last year.

The move was aimed at retaining top talent and strengthening the firm’s investment platform.

Point72 gained 17.5% in 2025, outperforming Citadel, which rose just over 10%.

The performance gap highlights how multistrategy hedge funds benefited from volatile equity markets, which created trading opportunities across asset classes.