Activist Investor Elliott Pushes for Changes at Goodyear, Shares Jump (Reuters)
Activist investor Elliott Investment Management L.P. disclosed a large investment in Goodyear Rubber & Tire Co (GT.O) on Thursday and said it is pushing the company to strengthen its financial position by selling stores and starting an operational review. Elliott holds a 10% economic interest in the company, making it one of Goodyear’s biggest investors. It is also urging a change in leadership and wants the company to add five new directors to its board.
Ken Griffin’s Hand-Picked Math Prodigy Runs Market-Making Empire (Bloomberg)
Among all the tales Wall Street leaders tell of pivotal moments that led them to their powerful perches, Citadel Securities Chief Executive Officer Peng Zhao’s may be the only one that involves sifting through trash. It starts with youthful hubris and ends as a parable about perseverance — something the firm will need to realize its ambitions amid a slew of proposed US regulations.
Man Group Names Robyn Grew as First Female CEO (The Wall Street Journal)
London hedge-fund giant Man Group has named Robyn Grew as its next chief executive officer, an appointment that will make her the first woman in the role when she succeeds Luke Ellis later this year. Ms. Grew, currently president of Man Group, will take over in September, when Mr. Ellis retires after seven years at the helm. Since she started at publicly listed Man Group in 2009, Ms. Grew has overseen trading and execution, managed the solutions business and acted as head of ESG and general counsel, among other roles. She has also spearheaded Man Group’s diversity program. She previously held roles at institutions including Barclays Capital and Lehman Brothers.
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Taiga Celebrates 15 Years from May 2008 Launch (Hedge Nordic)
Stockholm (HedgeNordic) – Some 15 years ago in May of 2008, Ola Wessel-Aas and Andreas Petterøe at Taiga Fund Management launched their long-biased long/short equity fund in one of the most challenging markets in a lifetime. The S&P 500, for instance, lost about six percent in the first four months of 2008, only to drop another 34 percent through the end of the year as the global economy teetered on the brink of collapse.
BlackRock, Vanguard, Fidelity Among Fund Groups Called Out Over Failure to Tackle Human Rights Abuses (Financial News)
BlackRock, Vanguard, Fidelity Investments and State Street Global Advisors have been accused of failing to use their influence to tackle some of the most egregious human rights abuses. ShareAction, the responsible investment charity, analysed 77 of the world’s largest asset managers with a combined $77tn in assets to see how they are responding to issues, such as labour rights and public health through their investment strategies.
