It’s been a little more than a month since Steve Cohen’s $300 million New York Mets’ season ended with but a single additional postseason win added to their regular season total. Since then, there’s been much speculation about how the Big Guy would react to such spectacular underperformance, beside giving General Manager Billy Eppler an unpleasant earful: Will he do whatever it takes to keep ace Jacob deGrom in Flushing? Seek to pair him with a splashy move for Justin Verlander or Japanese phenom Kodai Senga? Stick it to the Yankees by signing likely MVP Aaron Judge out from under them?
We still don’t know the answer to any of those questions. But we do now know that Cohen is doing what it takes to keep the brain trust the Mets share with his hedge fund, Point72 Asset Management, happy.
The firm is discussing limiting collective client withdrawals to 8.3% per quarter, according to people with knowledge of the matter…. Stickier capital helps firms invest in technology and infrastructure, as well as recruit and retain talent. And as more hedge funds make the shift, the holdouts risk becoming liquidity sources when investors need cash.