TCI Largest Royal Mail Shareholder

Oct 23 2013 | 1:13pm ET

Amidst widespread anger over the low float price of the U.K.'s Royal Mail comes word that one of the biggest beneficiaries of the privatization is The Children's Investment Fund.

The activist hedge fund is now the postal service's largest shareholder with a 5.8% stake. TCI participated in the Royal Mail's initial public offering earlier this month, which priced the company at £3.30 per share. Royal Mail shares surged on that day and last week crested the £5, leading to questions about why the float price was so low.

Hedge funds were allocated 10% of the IPO, and TCI participated. But the hedge fund bought less than 1% of Royal Mail's shares that day; it has been aggressively buying up additional shares since.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of