Steve Cohen Tops Bloomberg’s Hedge Fund Earnings List With $3.4B Payday

Billionaire investor Steve Cohen has claimed the No. 1 spot in Bloomberg’s annual hedge fund earnings ranking, taking home an estimated $3.4 billion in 2025 from his firm Point72. It marks the first time Cohen has surpassed Ken Griffin, whose firm Citadel has traditionally dominated the list.

Point72 posted a 17.5% gain in 2025, outperforming Citadel’s 10.2% return — its weakest annual performance since 2018. The shift highlights how even elite hedge funds experience performance cycles, particularly in volatile market environments.

A Remarkable Comeback

Cohen’s latest payday caps a dramatic turnaround. His former firm, SAC Capital Advisors, pleaded guilty to insider trading charges in 2013, though Cohen personally denied wrongdoing. The firm returned outside capital and transitioned into Point72, which reopened to external investors in 2018. Within months, over $4 billion flowed back in.

Today, Point72 manages approximately $45.7 billion, positioning it among the world’s largest multi-strategy hedge funds.

Industry-Wide Surge

The broader hedge fund industry also posted strong results. The top 10 highest-earning managers collectively generated around $22 billion in 2025, while the top 20 brought in roughly $28.3 billion — the strongest showing in five years. Market volatility and robust equity performance produced the best industry-wide returns since 2009.

The takeaway: in high-volatility environments, skilled capital allocators can capture outsized gains — and 2025 proved just how lucrative that edge can be.