Monday, 15 September 2014
Last updated 2 days ago
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.
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