Exclusive: Third Point founder Daniel Loeb takes over as Munib Islam leaves firm [Reuters]
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Source: Reuters
Exclusive: Third Point founder Daniel Loeb takes over as Munib Islam leaves firm BOSTON (Reuters) - 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. Loeb, who is about to celebrate his 25th anniversary at Third Point, told investors about his decision in a letter on Tuesday. Islam will be leaving the firm and will continue to advise it in a consulting capacity until the end of the year. Third Point has built a reputation as an influential activist shareholder by pushing for changes at companies such as Sony, Prudential Plc ( PRU.L ) and Campbell Soup Co ( CPB.N ) in the last few years, the letter said. Like many hedge funds Third Point lost money in the first quarter and has seen assets decline to roughly $14 billion this year. In an earlier letter
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