One year ago
»» Dan Loeb’s Third Point told partners it would close to new investment at midyear following a rapid rise in assets. At $7.2 billion, up from $2.3 billion less than three years earlier, the firm said it was “grateful for the support from both new and long time investors.”
Third Point’s size continued to balloon, ending the year at $8.5 billion, according to AR’s Billion Dollar Club. The firm did close to new investment in July, but raised an additional $800 million for a new private reinsurance vehicle in the fourth quarter.
Third Point has not only made the headlines this year with its battle to influence Yahoo, but has also made some money for its investors. The offshore fund, which was flat in 2011, is up 6.5% for the year through the end of April, compared with a 7.05% rise for the AR Event Driven Index. Third Point now manages $9 billion and remains closed to new investments, according to a person familiar with the firm.
Third Point spokeswoman Elissa Doyle declined to comment.
See also: Third Point picks up AR Award • Loeb’s Third Point bets on Yahoo revival
»» The fourth annual SALT Conference in Las Vegas attracted thousands of hedge funders to hear such speakers as SAC Capital’s Steve Cohen and Omega Advisors’ Leon Cooperman.
Cooperman was on hand again for this year’s event, which was held at the Italian-themed Bellagio. See AR’s coverage of the event: SALT attendee allegedly hits massive blackjack payday • Macro bears square off with micro bulls • Maroon 5 rocks SALT • Paul Singer strikes back, says size no enemy of performance • Gotham, JANA, Omega, T2 push US stocks
Five years ago
»» Dow Kim, co-president of Merrill Lynch’s global markets and investment banking division, planned to leave the firm by yearend to establish his own hedge fund.
Kim named the multistrategy firm Diamond Lake Investment Group, and expectations were high in those heady pre-2008 days as talk flew of a potential $6 billion launch. But Kim lost the expected backing of Merrill Lynch and predictions were lowered to $500 million.
Finally, in August 2008 Kim abandoned plans for the fund after Credit Suisse and two Asian banks pulled their commitments.
Kim could not be reached for comment.