Third Point Boosts Assets Managed to About $17.5 BillionBeth Jinks
Third Point LLC, the hedge fund firm run by billionaire Daniel Loeb, boosted assets under management to about $17.5 billion after telling investors he would reopen to new money in July.
The fund raised about $2.5 billion, Elissa Doyle, a spokeswoman for Third Point, said in an e-mail. The Wall Street Journal reported the amount earlier today.
While most of New York-based Third Point’s investments aren’t activist -- in which fund managers amass stakes and try to force management and boards to make changes that boost shares and returns -- it’s those campaigns that attract the most attention. Loeb last year targeted Dow Chemical Co., Sony Corp., CF Industries Holdings Inc., and Sotheby’s.