Third Point's Loeb cancels conference appearance in face of protest
NEW YORK, April 17
NEW YORK, April 17 (Reuters) - Billionaire hedge fund manager Daniel Loeb has canceled plans to speak at an investor conference in Washington D.C. on Thursday after certain pension funds threatened to confront him at the event.
Loeb, the founder of New York-based hedge fund Third Point, was scheduled to speak at the Spring conference of the Council of Institutional Investors (CII) on Thursday morning.
However, due to growing tensions over his alleged position on pension funds for teachers, he pulled out on Wednesday according to a letter reviewed by Reuters.
"I have never taken a position against DB Plans nor has any philanthropic organization I lead," Loeb said in a letter addressed to Anne Sheehan, the Chair of CII dated April 17. "In fact, my support for and contribution to DB Plans is demonstrated by maximizing returns for union members who rely on us to deliver their pension goals."
The American Federation of Teachers has taken issue with Loeb who is involved with an organization they say wants to get rid of defined benefit plans for teachers.