Third Point Up, Greenlight Down In Jan.

Feb 3 2011 | 2:18pm ET

Third Point, whose hedge funds soared between 32.8% and 41.7% last year, stayed hot in January. The New York-based firm's funds all posted returns in excess of the broader markets on the month.

Dan Loeb's Third Point Ultra fund did best, rising 5.4%, better than twice the return of the Standard & Poor's 500 Index for the first month of the year, which was 2.26%. Third Point Partners rose 4.2% on the month, Third Point Offshore 3.9% and Third Point Partners Qualified 3.7%.

Third Point's returns were obtained by

Investors with Greenlight Capital, which also enjoyed a frothy 2010, got somewhat less good news. The firm's Offshore fund lost 0.6% in January, Dealbreaker reports.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…