Wednesday, 24 August 2016
Last updated 16 hours ago
May 31 2011 | 9:40am ET
Paul Myners once said he was so disgusted by greed on Wall Street and in the City that he wanted to study theology when he left government. Instead, he's joined Europe's biggest activist hedge fund, indulging a different personal crusade.
Cevian Capital has added the former British financial services secretary as its U.K. chairman. Myners' charge is threefold: seeking out investment opportunities, working with corporate boards and building alliances with like-minded investors.
Myners, who served in the British cabinet under former Prime Minister Gordon Brown, has long been an advocate for activist investing.
"It is 'put your money where your mouth is' time," he told the Financial Times. "Underperformance is a waste of national assets, of productive capacity and a waste of people's lives."
"Cevian's approach embodies many of the principles that I believe are important, not only for successful investing but for society to maximize economic value from its capital and corporate assets," Myners added in a statement.
Harlan Zimmerman, senior partner of the €3.5 billion Swedish hedge fund, added that his new British chief's "broad and deep experience within U.K. boardrooms will be a significant asset in Cevian's work to identify and realize value potential."