BOSTON (Reuters) – 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.

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

Islam will be leaving the firm and will continue to advise it in a consulting capacity until the end of the year.

Third Point has built a reputation as an influential activist shareholder by pushing for changes at companies such as Sony, Prudential Plc (PRU.L) and Campbell Soup Co (CPB.N) in the last few years, the letter said.

Like many hedge funds Third Point lost money in the first quarter and has seen assets decline to roughly $14 billion this year. In an earlier letter to investors, Loeb said that Third Point had not adequately prepared for a possible full-blown pandemic and was caught flat-footed when the world was essentially shut down to blunt the virus’ spread.

Its heavy bets on stocks, especially in the aerospace, airline and auto-related sectors, hurt performance which was down 16% at one portfolio in the first three months of 2020, according to an earlier letter.

Reporting by Svea Herbst-Bayliss in Boston; Editing by Lisa Shumaker

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