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.