A London-listed money pool linked to activist Nelson Peltz’s Trian Fund Management will return clients’ capital and close after months of wrangling over the way the fund is run.
(Bloomberg) — A London-listed money pool linked to activist Nelson Peltz’s Trian Fund Management will return clients’ capital and close after months of wrangling over the way the fund is run.
Trian Investors 1 Ltd. said in a statement Friday it will “compulsorily redeem” 95% of each shareholders’ stake by the end of next June. “The board acknowledges that a significant portion of the current shareholder base would like the opportunity to exit,” it said.
The fund will give investors its assets, which include shares in Unilever Plc and Ferguson Plc. While the total proceeds will depend on share price movements, the redemption would have been worth about £420 million ($485 million) if it had taken place on July 31, according to the statement.
Shares in the fund surged 17.4% by 10:45 a.m. on Friday.
Global Value Fund, Invesco Ltd., Janus Henderson Investors UK Ltd. and Pelham Capital teamed up in a bid to remove some board members and nominate potential replacements. The group called an investor vote on its plans in August, which led to the removal of Chairman Chris Sherwell.
Activist investors such as Peltz build stakes in companies and then agitate to demand changes. Trian is known for seeking changes at consumer group Unilever and has also agitated for a revamp at asset manager Janus Henderson Group Plc.
(Updates with share price move in fourth paragraph. A previous version of the story was corrected to clarify that shareholders will receive shares rather than cash)
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