Cohen’s payoff pitch to Justin
Steve Cohen gave star pitcher Justin Verlander advice on investing in hedge funds three years before the Mets owner acquired the Cy Young Award winner, according to a report.
Cohen, the billionaire founder and owner of Connecticut-based Point72 Asset Management, told The New York Times that a mutual friend acted as an intermediary sometime in early 2020.
At the time, Verlander was just coming off a 21-win season with the Houston Astros while Cohen was still months away from completing his $2.4 billion acquisition of the Mets.
“He was wondering about hedge-fund investments,” Cohen said of Verlander. “I met him through a friend.”
When asked what Cohen told Verlander, the Mets owner said to the pitcher: “Sure, I’ll help you out. I’ll help you think about it. Why not?”
Verlander told the Times that he was touched by the “kindness of [Cohen’s] heart” in agreeing to speak with him.
The pitcher said that Cohen offered “probably pretty dumbed-down” advice.
According to the Times, that conversation was the start of a relationship during which the two men kept in touch.
It paid dividends for Verlander, who this past winter signed a two-year, $86 million contract to pitch for Cohen’s Mets in Flushing.
Shortly after signing with the team, Verlander and his wife, supermodel Kate Upton, broke bread with Cohen and his spouse, Alexandra.
The friendly double date was captured in a social-media post that went viral.
In an interview with the Times, Cohen hinted that other Mets have come to him for advice on how to put their vast dollars to work.
“There may have been other players that are interested,” Cohen said, adding: “A lot of these guys get paid well, right?”
“And they’re looking for advice,” the Mets owner said. “Kind of in my wheelhouse, right?”
As of Monday, Cohen’s Point72 had around $27.2 billion worth of assets under its management.
A mutual friend hooked up star pitcher Justin Verlander (left) with hedgie Steve Cohen (right) for financial advice long before Cohen acquired the New York Mets. ‘Sure, I’ll help you out. Why not? — Steve Cohen after Justin Verlander asked him for advice on hedge funds.