Hedge fund manager Steve Cohen is stepping down from the board of the Robin Hood Foundation.
The organization, which helps New York City bridge the gap between the rich and the poor in the form of better education, job training, or temporary food and shelter, announced in a statement Thursday that Cohen will join the Robin Hood emeritus board.
Cohen’s reason for stepping down from Robin Hood’s board was not disclosed.
Cohen now manages his personal wealth at Connecticut-based Point72 Asset Management, which was known as SAC Capital Advisors until last month. SAC Capital finalized its insider trading troubles in March when a federal judge approved the firm’s record $1.8 billion settlement after it pleaded guilty to insider trading following charges of wire fraud and securities fraud. Cohen also agreed to transition the hedge fund into a family office as part of the settlement.
The Robin Hood Foundation was founded by hedge fund veteran Paul Tudor Jones in 1988.