Sunday, 1 February 2015
Last updated 1 day ago
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.”
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…