Dan Loeb's losing battle

Sat Oct 1, 2005

This time around, he is fighting a rearguard action

Last month's e-mail from Third Point Management's Dan Loeb to Kenneth Griffin of Citadel Investment Group looked like a classic battle of hedge fund egos. Furious about Citadel's attempt to encroach into the corporate activist territory that has earned Third Point a 19% return through August this year - and to do so by poaching - Loeb lashed out:

"Under no circumstances are you to approach any Third Point employees or attempt to offer them jobs... My warning extends to any attempt you may make to hire employees of my friends in the event-driven space: Should you attempt to hire people from them I will consider it a similar act of war."

Given the changing nature of the hedge fund world, this is one battle Loeb's unlikely to win. Loeb has made a lot of money by attacking bloated public companies, and he's been...

ISSN: 2151-1845 / CDC10004H

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