Third Point Closes To All New Investment

May 13 2011 | 1:10pm ET

Third Point has grown by $500 million in just over a month. For the now-$7.2 billion New York hedge fund, that's simply too much, too fast.

Third Point has closed to all new investments, it told investors on Wednesday, AR magazine reports. The firm had previously told clients that it was merely planning to refuse any "new relationships," but founder Daniel Loeb decided that the last month's growth was quite enough.

Third Point has been booming in recent years: The firm's hedge funds rose between 8.1% and 11.7% in the first quarter. They returned between 32.8% and 41.7% last year, and between 33.3% and 44.2% in 2009.

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