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Third Point Plans Greek-Focused Hedge Fund on Recovery Bet

Bloomberg – Daniel Loeb’s Third Point LLC is starting a hedge fund focused on buying Greek assets after a wager that European officials would rescue the indebted nation from financial collapse helped drive gains last year for his $11.7 billion investment firm.

The Third Point Hellenic Recovery Fund will invest in “event-driven corporate situations,” the New York-based firm said in a letter to investors yesterday. Third Point plans to invest less than 1.5 percent of the assets in its existing hedge funds in the new pool and will raise additional money from institutional investors, the letter said.

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