Third Point hedge fund founder Daniel Loeb takes over as Munib Islam leaves firm

Billionaire investor Daniel Loeb is taking back the reins as sole chief investment officer at his hedge fund Third Point, less than one year after he appointed long-time colleague Munib Islam to be his co-chief investment officer, according to a letter the firm sent its investors.

Loeb, who is about to celebrate his 25th anniversary at Third Point, told investors about his decision in a letter on Tuesday...