The Metropolis duo who orchestrated final 12 months’s sale of Hipgnosis Songs after a bitter governance battle are elevating tens of hundreds of thousands of kilos to focus on undervalued different asset managers listed on the London inventory market.
The pair, who’ve appointed Singer Capital Markets to deal with the itemizing, plan to lift round £50m to put money into between two and 5 funding firms.
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Metropolis sources mentioned on Tuesday that they wished to assist handle the valuation low cost which plagues many listed funding trusts and different asset managers due to issues about company governance.
Since forcing the sale of Hipgnosis, the music rights group, Mr Mills and Mr Naylor have joined the board of PRS REIT, an funding belief centered on the house rental market.
“There has been little activism in alternatives to date, even though some boards have been slow to sell assets to fund share buybacks,” mentioned one insider.
It comes after the investor Saba Capital misplaced seven successive votes to drive via governance modifications at London-listed funding trusts.
A supply near Achilles identified that its intention was to enhance governance slightly than use an activist strategy to mixture belongings, as Saba had sought to do.
Achilles couldn’t be reached for remark.
