Billionaire investor Daniel Loeb is taking back the reins as sole chief investment officer at his hedge fund Third Point LLC, less than one year after he appointed long-time colleague Munib Islam to be his co-chief investment officer, according to a letter the firm sent its investors.
FILE PHOTO: Daniel Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives Conference in Las Vegas, Nevada May 9, 2012. REUTERS/Steve Marcus/File Photo
Loeb, who is about to celebrate his 25th anniversary at Third Point, told investors about his decision in a three-paragraph letter seen by Reuters on Tuesday. Loeb wrote that he is excited about “investing in this period of change and turmoil.” He thanked Islam for his many contributions over the years and said that he expects their friendship to endure.
The shake-up in the top ranks of the one of world’s most closely watched hedge funds comes as Third Point laid the groundwork for succession last year by promoting Islam to co-chief investment officer. Islam initially came to Third Point straight out of Stanford Business School in 2004 before leaving in 2008. He returned as head of equity research in 2011.
Islam worked closely with Loeb on shaping some of the firm’s biggest activist campaigns at companies such as Sony Corp (
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