Third Point portfolio manager spins out

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Jonathan Urfrig, a former portfolio manager at Dan Loeb's Third Point Management, is getting ready to launch a global event-driven fund this summer.

Joining Urfrig's new firm, U Capital Group, as chief financial officer and chief operating officer is Lloyd Blumberg, who was director of operations at Third Point.

Urfrig's new fund will have a special-situations and deep-value orientation, focusing on such fundamental indicators as company balance sheets. The sectors it invests in will include energy and natural resources, which Urfrig focused on while at Third Point.

While Loeb, who has produced an annualized return of about 25%,