[Photo: CTNews.com]

In 2013, Steven A. Cohen contributed (paid) $1.8 billion in fines to federal prosecutors and securities regulators.

In 2016, Mr. Cohen is committing $325 million to help veterans returning from combat with post-traumatic stress or traumatic brain injuries. He's also helping to further research into diagnostic tools and treatments for those conditions. Gifts will be made through the Cohen Veterans Network, which runs clinics to offer treatment, and Cohen Biosciences, which does scientific research.

Steven Cohen is expanding both, quickly adding clinics and providing the funds to make the research arm a player. More than giving money, he has recruited retired Adm. Michael Mullen, the respected former chairman of the Joint Chiefs of Staff, to head the board of the Cohen Veterans Network.

Mr. Cohen said that giving to veterans’ charities was something he wanted to do before the federal investigations and something he had started doing in 2011 through Robin Hood, the anti-poverty charity that is a favorite among hedge funds. One of his sons served in the Marines after college from 2009 to 2012, including a tour of duty in Afghanistan.

“I wanted to do something big. I wanted to do something that was all mine.”  He added, “We’re trying to create a national network and learn from it.”

Yet, is his dealing with veterans, Mr. Cohen makes clear that this is his project alone, separate from the charitable work his family foundation has done under the oversight of his wife, Alexandra. (Their family foundation, which gives away about $50 million a year, has focused on causes like children’s health and Lyme disease.)

Yet, what puts Mr. Cohen in line with other hedge fund philanthropists is his belief in himself and his ability to guide the organizations. “We have an approach that is more rigorous,” he said. “The problem with the veterans' charity arena is it’s incredibly fragmented. This charity raises $3 million. The charity in Tampa raises $2 million, and they do what they do.”

According to one not-for-profit consultant, hedge fund giving has downsides. The managers are confident, some say overconfident, in their abilities to succeed. But the ability that allowed them to amass fortunes with a singular focus does not always translate to the more collaborative world of philanthropy.

So, while Mr. Cohen's go-it-alone approach can be a great marketing tool but not realistic. Mr. Cohen’s $325 million donation is a lot of money, but it can only do so much with a problem as vast as mental health. Like anyone, he needs guidance to makes sure the money is not wasted.