The 63-year-old Cohen started his former firm, SAC Capital Advisors, in 1992 and it averaged returns of about 30% annually. He was barred for two years from trading outside money after his hedge fund pleaded guilty to securities fraud. The ban was lifted in 2018, and he’s since raised $5 billion from clients for his new firm Point72.

Bringing on Cohen may signal a turning point in how the franchise spends. The team’s payroll this season was $160 million, 10th in MLB behind such clubs as the Houston Astros and Los Angeles Angels.

“I look forward to seeing you at Mets games,” Cohen said in the note.

--With assistance from Henry Goldman.

This article was provided by Bloomberg News.

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