Thain Gives Hedge Fund A Piece Of His Mind

Sep 8 2006 | 12:00am ET

 Proving itself unusually adept at arousing the ire of exchange executives, The Children’s Investment Fund this week found itself on the wrong side of a tongue-lashing from NYSE Group chief John Thain.

In an interview with The Wall Street Journal, Thain slammed the hedge fund’s opposition to NYSE’s merger with European exchange operation Euronext, in which TCI holds a substantial stake. According to Thain, “TCI, like all hedge funds, is simply touting its own interests” in pushing a merger with Deutsche Börse, in which TCI also holds a big stake.

The man who took the New York Stock Exchange public accuses TCI of downplaying possible regulatory problems with a Deutsche Börse-Euronext marriage, and mocked a proposal to allow Euronext shareholder to vote on both merger options.

“That’s not going to happen,” he told the Journal. “This is not a multiple-choice quiz.”

In TCI, Thain is scuffling with an adversary with one exchange executive’s scalp already in hand. The U.K. hedge fund led the opposition last year to Deutsche Börse’s proposed acquisition of the London Stock Exchange, the failure of which led to the downfall of Deutsche Börse CEO Werner Seifert.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR