Hedge fund takes stake as UBM continues chief executive search

Oliver Smith
Follow Oliver
HENGISTBURY Investment Partners, the hedge fund set up in 2011 by The Children’s Investment Fund former senior partner Stuart Powers, has reportedly taken a 5.2 per cent stake in UBM.

The hedge fund is now the second largest investor in the events and publishing company, according to a report in The Sunday Times.

UBM is currently searching for a new chief executive following the announcement earlier this month that David Levin would leave the company on 1 March, after seven years in the role, to take over as chief executive of McGraw-Hill Education in New York.

Chairman Dame Helen Alexander will become executive chairman until a new chief executive is named.

News of Levin’s departure was warmly received by analysts and investors.

“We think this suggests a new CEO appointment is probably close, and this should be a positive catalyst for the shares,” said broker Liberum Capital on the announcement on 13 January.