Sir Christopher Hohn’s hedge fund has sold the majority of its stake in the London Stock Exchange Group, just months after failing in its attempts to remove its chairman.
TCI Fund Management has been one of the LSE’s biggest shareholders for more than a decade as the exchange’s market value soared from around £800m to more than £16bn.
Sir Chris, one of the City’s most successful and admired fund managers, had been dismayed by chairman Donald Brydon’s handling of the departure of former chief executive Xavier Rolet, the architect of the 216-year old exchange’s revival. Sir Chris had been a big supporter of Mr Rolet.
TCI sold its stake from 5.05 per cent down to 1.8 per cent, according to a regulatory filing on Monday. It sold with the LSE share trading at around £47 per share, close to its all-time high.
The hedge fund called an extraordinary meeting last December to get shareholders to unseat Mr Brydon and reinstate Mr Rolet but the effort was unsuccessful, even as 20 per cent of shareholders voted with TCI’s motion. Mr Brydon will step down at the LSE’s next annual meeting in spring.
Get alerts on London Stock Exchange Group PLC when a new story is published