Hedge Funds

Dan Loeb's losing battle


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