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Third Point Fund Chair Resigns After ‘Personal Threats” in Escalating Activist Spat

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The chair of Third Point Investors Ltd, a London-based investment fund linked to Dan Loeb’s activist group quits after receiving personal threats, according to a report by FT on Thursday.

Steve Bates, a former US equity analyst and JPMorgan executive who has been chair starting 2019 situations pushed him to consider his service as director of the company untenable.

The decision comes after meetings between TPIL and activist investors Asset Value Investors (AVI) and Staude Capital. AVI accounts for nearly 10% of the listed vehicle and is the largest shareholder behind Loeb.

Bates’s exit is the recent twist in a spat that has pitted Loeb, one of the global toughest activists, against a group of opposing shareholders.

On Thursday, Loeb described the activists as a “stain on institutional investors” and stated that their “juvenile behavior is a sign of desperation and inexperience.

A conflict has been brewing for some time over a valuation discount between Third Point and the London-listed feeder fund, TPIL. TPOU up +4.12%

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