An important chapter in shareholder activism ended at Deutsche Börse when the The Children’s Investment Fund sold most of its stake, bringing to a close its efforts to influence strategy at the German exchange group.

The hedge fund followed Atticus Capital, its erstwhile partner, in announcing it had significantly cut its holding. The funds had in combination owned almost 20 per cent of Deutsche Börse but Atticus reduced this to under 2 per cent this week while TCI’s stake fell below 1 per cent, Deutsche Börse said Thursday.