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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


Hedge Funds Swarm Into Palm Beach

Oct 27 2016 | 2:32pm ET

As the first flakes of snow fall on New York's northern suburbs, Dan Weil of South...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...