Third Point To Return Up To $1.4 Billion To Investors

Oct 23 2013 | 1:16pm ET

Its coffers swelled by strong returns this year, Third Point will return capital to investors for the first time at the end of the year.

The New York-based hedge fund, which has about $14 billion in assets, will return about 10% of it to investors "in an effort to moderate" its growth. Third Point's move follows similar decisions by the likes of Baupost Group, Moore Capital Management and Tiger Global Management. Other firms, such as D.E. Shaw Group, have closed to new investment or investors.

Third Point is up 18% this year.

In addition to news of the distribution, Third Point founder Daniel Loeb also announced that the firm bought shares of the Nokia towards the end of the third quarter, after Microsoft Corp. announced plans to buy its devices and services business. Loeb said that the deal will leave Nokia with some €8 billion in cash, "and we expect a meaningful portion of the excess will be distributed to shareholders in the coming quarters."

Loeb also wrote about Third Point's Japanese bets, saying they have "contributed significantly to 2013 returns," and that if Prime Minister Shinzo Abe can complete his reform programs, "we will be eager buyers of additional Japanese stocks."

Loeb did not touch on two of Third Point's more high-profile recent investments, in Sony Corp. and in auction house Sotheby's.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.