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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Wall Street News
Cohen's Fund Returned a Measly 1% Last Year
[Photo: Douglas Healey for NYPost]
Steve Cohen’s Point72 Asset Management returned about 1% in 2016, the 2nd-worst annual performance ever for the billionaire investor. The family office, which runs Cohen’s personal fortune and invests across equity teams, suffered along with other multi-manager firms, which struggled to make money in stocks. When he was running his predecessor firm - SAC Capital Advisors – returns averaged about 30% annually, and its only losing year was 2008, when it dropped almost 28%.
2016 Performances of Other Multi-Manager Funds. If it’s any consolation, Cohen’s family office suffered along with other multi-manager firms, which struggled to make money in stocks.
Blackstone Group closed its 2-year old Senfina Advisors fund after it lost 24% in 2016.
Folger Hill Asset Mgmt, started in 2015 by Cohen’s former lieutenant Sol Kumin, fell 17% after a 3% loss in 2015.
Israel Englander’s Millennium Mgmt made 3.3%, its 2nd-worst year.
Citadel’s multi-strategy fund gained 5%, its 3rd-worst year.