Steve Cohen’s Point72 to redeem $750 million from Melvin Capital

© Reuters. FILE PHOTO: Steven Cohen, Chairman and CEO of Point72 Asset Administration, speaks in the course of the Skybridge Capital SALT New York 2021 convention in New York Metropolis, U.S., September 13, 2021. REUTERS/Brendan McDermid

(Reuters) – Billionaire investor Steve Cohen’s Point72 Asset Administration is pulling out the $750 million it invested in Melvin Capital Administration, Bloomberg Information reported on Saturday.

Point72 will quickly begin redeeming the cash in parts over time, the report stated, citing folks accustomed to the matter.

Each Melvin Capital, based by Gabe Plotkin, and Point72 declined to remark.

Point72 has one other funding in Melvin, with that pool of cash remaining untouched, in response to the report.

Melvin Capital, the hedge fund on the heart of the GameStop (NYSE:) buying and selling frenzy, misplaced 49% on its investments in the course of the first three months of 2021.

Hedge fund managers Cohen and Kenneth Griffin had stepped in to assist Plotkin in January final 12 months with Griffin’s Citadel LLC and Cohen’s Point72 including $2.75 billion to the agency.

Melvin Capital misplaced 15% in January this 12 months.

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