Hedge fund Third Point, known for its strategic investments, has appointed Joshua Targoff to the role of President as part of its strategy to expand its credit platform, according to a report by Reuters.

The promotion, announced by Third Point founder and billionaire investor Daniel Loeb in an investor letter shared with Reuters on Tuesday, underscores Targoff’s long-standing contributions to the firm.

Targoff, who has served as Third Point’s Chief Legal Officer and Chief Operating Officer, joined the company 17 years ago and became a Partner in 2012. During his tenure, he launched Third Point Reinsurance, advanced the firm's litigation finance initiatives, and drove activist campaigns at major companies including Baxter, Campbell’s, and Yahoo.

Describing Targoff as a “trusted consigliere,” Loeb highlighted his deep experience and leadership as integral to the firm’s future direction. The promotion follows Third Point’s recent acquisition of AS Birch Grove, aimed at strengthening its position in credit investing.

With $12bn in assets under management, Third Point achieved a 25% return in 2024, rebounding from a modest 4% gain in 2023 and a 22% loss in 2022.