Dan Loeb's Third Point hedge fund makes $500m profit from Greek bonds The former Citibank trader, who according to Forbes is worth $1.3bn, set up Third Point in 1995. The group, which has around $10bn under management, made a name for being a ruthlessly active manager. Since its inception, Third Point has generated returns of about 25pc a year, far outperforming global indices. Mr Loeb, 51, who has boasted that he owns two of New York state's most expensive properties, including a $45m Manhattan apartment, has said his key skill is being able to identify mispriced assets. He became particularly renowned for writing strongly-worded letters to the management of companies in which he owned stakes. In recent years he has shifted the firm's focus away from activism to investing in a range of different assets, such as sovereign debt. He is thought to have starting building his position in Greek debt when the bonds were trading at just 17 cents on the euro. According to traders, Mr Loeb became the biggest hedge fund holder of Greek debt. In the latest buy-back, Athens swapped holdings of its own debt for notes issue by a Brussels rescue mechanism at 34 cents on the euro.