Steven Cohen’s fund Point72 suffers from a 15% loss amongst GameStop frenzy: NEW

FILFOT: Steven Cohen, Chairman and CEO of Point72 Asset Administration, speaks on the Milken Institute International Convention in Beverly Hills, California, USA, Might 2, 2016. REUTERS / Lucy Nicholson

(Reuters) – Billionaire investor Steven Cohen’s Point72 Asset Administration has suffered a lack of virtually 15% this 12 months as a result of a sudden improve in shares of online game dealer GameStop Corp, the New York Instances reported nyti.ms/2YiotoW on Wednesday.

The losses on Point72, which manages almost $ 19 billion in belongings, got here partially from its funding in hedge fund Melvin Capital Administration, which had made an enormous funding in GameStop, the report mentioned.

However as GameStop elevated by 700% over the previous two weeks, elevated by elevated curiosity amongst beginner traders, Melvin confronted sudden losses.

One of many rescuers was the Cohen hedge fund, which has about $ 1 billion underneath administration with Melvin, NYT mentioned.

Point72 determined so as to add $ 750 million, Melvin mentioned on Monday, along with accepting a $ 2 billion funding from Citadel, the Chicago-based hedge fund led by Ken Griffin.

Point72 declined to remark when contacted by Reuters.

A spokesman for Melvin, based in 2014 by Gabriel Plotkin, mentioned the fund has closed its place in GameStop and repositioned the portfolio.

Reporting by Juby Babu in Bengaluru; Modifying by Arun Koyyur

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