In 2013 and 2014, Sotheby's was the target of a takeover attempt by activist investor Daniel S. Loeb of Third Point LLC, a registered investment adviser founded in 1995 and headquartered in New York with over $14 billion in assets under management. Third Point began acquiring shares in Sotheby's in February 2013. By July 2013, Loeb's stake in Sotheby's increased to 3.7%, and in August he raised his stake to 5.7%, and requested to talk with the management and board. In July, activists at Marcato Capital Management revealed a 6.6% stake, saying that the shares were undervalued. At that point, Marcato and Third Point were Sotheby's second and third-largest shareholders, following BlackRock Fund Advisors. Third Point's August purchase brought its stake in Sotheby's to 3.9 million shares.