Hedge-fund titan Steve Cohen aims to hit $20 billion fund target after ban

Billionaire hedge-fund boss Steve Cohen is aiming to raise up to $20 billion (£16 billion) for a new fund after serving a ban on running outside money.

The audacious target would be the largest hedge fund raise in history and surpass the size of Cohen’s fund at SAC Capital at the peak. But the money mogul, who was the inspiration for TV hit Billions, may raise eyebrows due to the controversy surrounding his last venture at SAC Capital.

The firm pleaded guilty to insider trading in 2013 and paid a $1.8 billion fine to settle criminal charges. Cohen (pictured left) never admitted any wrongdoing but questions were raised over his management of the company.

US authorities also forced him to turn SAC into a family office called Point72 to run his personal fortune of $11 billion.

Cohen is now seeking an extra $9 billion from potential investors, according to the Wall Street Journal. He opened a large office in London in 2015 and one hedge fund source said investors in London will be offered the chance to invest in the new fund.

The larger-than-life fund manager is an avid art collector, who owns works by Damien Hirst (pictured) and Pablo Picasso.

Point72 did not reply to a request for comment.