London: Activist Hedge Funds
Lots of threads on NY, but very little on Ldn. Anyone have any colour on London hedge funds with activist strategies (other than the obv TCI, Elliott)?
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Amber Capital, Primestone, Cevian
Amber has been struggling quite a bit vs. their peak.
other names are: Petrus advisers, Bluebell Capital, Gatemore Capital, Sparta or whatever the fund founded by Frank Tuill is called.
Sparta Capital Mgmt, $600m fund founded this year by Franck Tuil after 20 years at Elliott.
Can you even do any real activism with $1b AUM?
I mean arguably some of the better activist targets are smid caps with awful mgmt. A sub $1bn fund can still make multiple 5%-10% positions in this space.
Theleme Partners, a spinoff from TCI (founded by Sunak, among others). I'm assuming they're activist given the heritage
Cevian is the big one here in Europe (with mixed performance results). From what I understand they tend to hire a lot of former strategy consultants and focus on the DACH region (Germany, Austria, Switzerland) and the Nordic region so languages are important. Amber was (is?) a decent shop focusing mainly on France/Spain/Portugal and they have had some interesting ideas (Suez in France), but I think as others have said they had performance issues and some bad plays in France. There is an up and coming player call Teleios Capital (based in Switzerland) that has made some noise and has good performance, and Bluebell Capital which is UK based and launched a few big campaigns last year.
Anyone famiiar with Covalis?
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