Steve Cohen, Point72's founder, is stepping away from trading his own book.

• Steve Cohen is retiring from the trading floor at his hedge fund Point72.
• Point72 employs a range of strategies, including long/short, macro, and systematic, to manage more than $35 billion.
• The company intends to establish a new hedge fund that will concentrate on artificial intelligence to take advantage of the current market surge.

Steve Cohen, a billionaire investor, is stepping away from the trading floor at his hedge fund, Point72.

The co-chief investment officer at Point72, who is also the owner of the New York Mets, will continue in his role despite the insider-trading settlements that led to the conversion of S.A.C. Capital Advisors to Point72 in 2014.

A spokesperson at Point72 stated that the individual is stepping away from trading his own book and believes he can make a greater impact by concentrating on managing the firm, driving strategic initiatives, and mentoring and coaching the next generation of talent.

Point72, which employs long/short, macro and systematic strategies, manages more than $35 billion. Currently, the company is planning to establish a separate, AI-focused hedge fund to capitalize on the current market trend.

This year, Cohen declared himself a long-term believer in AI as an investment theme. He compared the current AI rise to the technological advancements of the 1990s, labeling it a "really durable theme."

"Steve has been an impactful mentor for Point72's investment professionals for 40 years, and his satisfaction comes from helping people succeed and seeing it make a difference. He feels he can add the most value in this role."

Bloomberg News first reported on Cohen's move away from trading earlier Tuesday.