That is a far cry from the $11 billion Mr. Cohen ran at his family office the past two years. Banks that serve as prime brokers to a hedge fund often give their best customers a chance to invest in that fund. Mr. Cohen has also donated hundreds of millions of dollars to hospitals and a charity he established to support veterans’ health initiatives. The timing of Mr. Cohen’s hedge fund reboot is inauspicious; many longtime managers have closed their hedge funds to run family offices instead. Gabriel Plotkin’s Melvin Capital hedge fund is up just over 41 percent this year.

Source: New York Times December 25, 2017 21:39 UTC