(Fortune) Hedge fund billionaire Steven Cohen was banned from managing outside money until 2018 after an insider trading scandal swept through his former firm SAC Capital. Now, Cohen not only appears poised to return to the hedge fund industry, but to resume his place at the top.
Cohen is reportedly seeking to raise $20 billion for a new hedge fund set to open in early 2018, according to the Wall Street Journal Tuesday. That’s not only more money than Cohen ever managed at his previous hedge fund SAC Capital, which peaked at $16 billion, it would also represent the biggest U.S. hedge fund launch to date, according to the Journal.
