SEC Ends Probe Of Third Point’s Discussions With Other Hedge Funds

Jun 15 2010 | 7:03am ET

The Securities and Exchange Commission has closed a two-year-old probe into Third Point, the hedge fund told its clients.

In its quarterly letter, the New York-based activist shop wrote that “the SEC has dropped the investigation it initiated in 2008 concerning our communications with other hedge fund managers.” The regulator launched that probe that summer, after Third Point had registered as an investment adviser and been subjected to its first SEC audit.

“During the course of the audit, the examination staff noted that we regularly communicate with portfolio managers at other hedge funds about investment and trading ideas,” Third Point founder Daniel Loeb wrote to investors at the time.

But in its quarterly letter dated Friday, Loeb said the SEC has said that “no further action” will be taken against his firm.

The letter was obtained by Dealbreaker.com.

“We remain registered with the SEC, and believe that the exacting standards of compliance to which we adhere are consistent with industry best practices.”


In Depth

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note