Who's Moving Where In Wealth Management? - Third Point, BNY Mellon WM

Editorial Staff

22 May 2020

Third Point
Daniel Loeb is taking back charge as the sole chief investment officer at Third Point, the hedge fund, less than a year after he had appointed colleague Munib Islam as his co-CIO, Reuters reported, citing a letter sent to investors.

Family Wealth Report has contacted Third Point to confirm the report; it hadn’t received a response at the time of going to press.

Loeb, about to mark 25 years at Third Point, told clients he was enthused about “investing in this time of turmoil”. As shown by figures from Chicago-headquartered Hedge Fund Research, the hedge fund industry’s returns have shone during the pandemic, reminding investors of their ability to profit from market discloations and mispricings.

Billionaire investor Daniel Loeb is taking back the reins as sole chief investment officer at his hedge fund Third Point LLC, 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.

Third Point prepared for succession last year by the Islam promotion. He will retire from Third Point but continue to advise it in a consultancy position until the end of this year.

The business is a prominent activist investor, tussling with firms such as UK-listed Prudential, Campbell Soup and Sony, the report added.

BNY Mellon
BNY Mellon Wealth Management has named Steve Kutz as a regional president in Los Angeles, Califrnia. In this role, he will oversee all aspects of the wealth management business in greater Los Angeles, including advisory, investments, fiduciary, private banking, and marketing. Kutz will be based in Los Angeles and will report directly to West Regional president Rob Kricena.

Kutz brings more than 30 years of experience in the financial services industry and an extensive background in serving ultra-high net worth families, endowments and foundations. Prior to joining BNY Mellon Wealth Management, he worked as the regional director of the Pacific Northwest Region at Bessemer Trust. Kutz also spent 24 years at JP Morgan Private Bank, where he was a managing director and regional executive.

Steve earned a bachelor of science degree in finance from The Pennsylvania State University. He serves on the board of trustees of the Seattle Art Museum and the Seattle Symphony Orchestra.