(Reuters) -Steve Cohen, billionaire founder of Point72 Asset Management, has stopped trading at the hedge fund, according to a statement, although he is still making investment decisions as a co-chief investment officer alongside Harry Schwefel.

"He is taking a break from trading his own book and he feels he can have a greater impact by focusing on running the firm, driving strategic initiatives, and mentoring and coaching to the next generation of talent," spokesperson Tiffany Galvin-Cohen said in a statement.

Point72, which manages $35.2 billion in assets, has 185 investing teams, according to the firm's website.

Bloomberg first reported on the changes at Point72.