SEC drops probe of hedge fund Third Point - WSJ

The U.S. securities regulator has dropped its investigation of Daniel Loeb's hedge fund firm Third Point LLC, the Wall Street Journal reported, citing a letter from the fund to its investors.

In 2008, the Securities and Exchange Commission (SEC) initiated an investigation into the hedge fund's communications with other fund managers, Third Point's letter said.

The SEC "issued us a closing letter stating that no further action will be taken," the fund.

The letter, dated June 11, was posted on Monday by financial news blog Dealbreaker, the Journal said.

"We remain registered with the SEC and believe that the exacting standards of compliance to which we adhere are consistent with industry best practices," Third Point said.

SEC spokesman John Nester declined to comment to the Journal. The agency could not immediately be reached for comment by Reuters outside regular U.S. business hours.

Third Point, which was founded by Loeb in 1995, has about $3.4 billion of assets under management.

In the letter, the hedge fund had also said that its Third Point Partners LP fund was up 16.6 percent for the first quarter of 2010.

[Source: Reuters, 15Jun10]

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