After its unprecedented victory in a battle with a Japanese wig maker, U.S. activist hedge fund Steel Partners finally has a seat at the table.
The boardroom table, that is. Aderans Holdings named Joshua Schechter, a managing partner at New York-based Steel, to its board of directors, just over a month after Steel succeeded in ousting the company’s president and most of its board. Steel is Aderans’ largest shareholder, with a 26.7% stake.
Steel’s success stands in stark contrast to the failure of most activist hedge funds in Japan. Just last week, The Children’s Investment Fund suffered a devastating defeat in its battle with the country’s largest electric utility. Last year, Steel itself was condemned as an abusive acquirer in its battle with condiment maker Bull-Dog Sauce Co.
By Gurvinder Singh and Bijesh Amin -- Historically, despite all the cited benefits (liquidity, transparency, control over assets, independent pricing etc.), the managed account model has not attracted the best managers. More...
Jeffrey McDermottJeffrey McDermott, formerly of UBS, has launched Greentech Capital Advisors, LLC, billed as a pure-play investment bank and advisory firm dedicated to alternative energy and cleantech companies. More...