Hedge fund Third Level promotes Targoff to president, investor letter says

By Svea Herbst-Bayliss

NEW YORK (Reuters) – Third Level, one of many hedge fund business’s most carefully watched traders, promoted Joshua Targoff to president because it prepares to construct out its credit score platform.

Billionaire investor Daniel Loeb, who based Third Level in 1995, introduced Targoff’s promotion on Tuesday in an investor letter seen by Reuters.

Targoff has been the agency’s chief authorized officer and chief working officer.

He joined Third Level 17 years in the past and has been a accomplice since 2012, serving to launch Third Level Reinsurance, spearheading the agency’s litigation finance methods and taking part in a important function in Third Level’s activist campaigns at corporations starting from Baxter (NYSE:BAX) to Campbell’s to Yahoo.

Calling Targoff a “trusted consigliere”, Loeb promoted Targoff simply weeks after Third Level mentioned it was shopping for AS Birch Grove with plans to increase its footprint in credit score investing.

The agency oversees $12 billion in belongings and returned 25% in 2024, a dramatic improve from a achieve of roughly 4% in 2023 and a 22% loss in 2022.