Dan Loeb's Third Point is looking to win fresh money

Dan Loeb's Third Point is looking to raise fresh money.The fund opened to new money around six months ago, according to people familiar with the matter. The minimum investment is $10 million for those investing directly.Around the same time, it joined Morgan Stanley's wealth management platform, allowing the bank's wealthy clients to invest smaller amounts in Third Point. Investments via Morgan Stanley startat $250,000, according to people familiar with the details.Third Pointinfrequently opens to fresh money.The last time the fundopened, in 2014, it raised $2.5 billion in just a matter of weeks,according to reports at the time.It's not clear how much Third Point has raised in the past six months.The fund, one of the industry's most tracked, managed $14.9 billion as of midyear 2016, according to theHedge Fund Intelligence Billion Dollar Club ranking.Third Point's main hedge fund gained 6.1% in 2016, a performance Loeb described as "disappointing." However, Loeb said in a February letter to investorsthat he was betting on abetter environment for investorsunder President Trump.In particular, he highlighted a focus on banks.Loebput on a big bet onWall Street in the fourth quarter of 2016, with aFebruary 10regulatory filingshowingthat Loeb's Third Point took large positions in JPMorgan and Bank of America and, to a lesser extent, Goldman Sachs 'investing nearly $1 billion in total in the banks' shares.Third Point's offshore hedge fund was up 2.6% in January,according to Reuters.Join the conversation about this storyNOW WATCH: A $2.5 trillion asset manager just put a statue of a defiant girl in front of the Wall Street bull
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