Friday, 27 March 2015
Last updated 1 hour ago
Jun 10 2011 | 12:02pm ET
Bowed but apparently unbroken, The Children's Investment Fund has launched a new activist campaign in Japan.
The London-based firm abandoned its activism in Asia two years ago, closing its office in Hong Kong and bidding farewell to its top executive in the region, John Ho. TCI—which had lost much of its appetite for activism altogether, and not just in Asia—had suffered several high-profile defeats, most notable in its battle with Japan's Electric Power Development Co.
Now, TCI has set its sights on Japan Tobacco, buying a 1% stake in the company. The hedge fund then took aim at Japan's finance ministry, which owns more than half of JT, to complain about the way the company is run.
TCI said that JT could double its stock price if it managed capital more efficiently. The hedge fund hopes that a cash-strapped Japanese government will be amenable to such an argument.
Some observers think that TCI will have no better luck this time around.
"They are going after the same people that will never listen," one investor in Japan told the Financial Times. Toshiaki Oguchi of Governance for Owners Japan concurred.
"It's not what they say, but the way they say it that was not accepted in Japan," he told the FT. "So, why are they doing it again?"
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…