Hedge fund takes stake as UBM continues chief executive search

 
Oliver Smith
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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.