Cohen's Point72 Shows 8-to-1 Leverage as It Seeks New Money
- Point72 had $90 billion of regulatory assets as of Jan. 1
- Firm’s leverage ratio more than double than at end of 2013
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Steve Cohen had about $90 billion of market bets outstanding at the beginning of this year, indicating his Point72 Asset Management was using large amounts of leverage as the firm prepared for outside investors.
The firm’s regulatory assets, a calculation required by the Securities and Exchange Commission, reflect as much as $8 of leverage for each dollar of capital, according to documents filed Jan. 6 with the agency. That is more than double the leverage Cohen reported using at his previous hedge fund firm, SAC Capital Advisors, at the end of 2013.