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

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note