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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.