Activist investor Nelson Peltz gets a taste of his own medicine as shareholders call for a stir at his London-listed fund
A fund of the activist billionaire who is shaking up Unilever has fallen into the crosshairs of its own top shareholders.
Trian Investors 1 (TI1), listed on the London Stock Exchange and managed by Trian Partners, Nelson Peltz’s company, is under siege by Invesco, Janus Henderson, Staude Capital and Pelham Capital.
The four investment firms, also backed by Aegon Asset Management, have teamed up to call for an overhaul of TI1’s governance.
In the line of fire: Trian Investors 1, managed by Nelson Peltz’s firm of Trian Partners, is under siege by Invesco, Janus Henderson, Staude Capital and Pelham Capital
They said their goal was to “achieve an acceptable standard of governance and restore independent shareholder confidence” in TI1.
The intervention is a blow to 79-year-old Peltz who is in the midst of an activist battle with consumer goods giant Unilever and recently won a seat on its board, sparking speculation he could try to break it up.
But he now faces a shareholder setback of his own. The rebel group was angry about several changes TI1 made to the way the company operated during its shareholders’ meeting last year.
Trian was accused of having a “conflict of interest” as the changes would increase the amount of money it earns from managing TI1.
Shareholders want to remove TI1’s chairman Chris Sherwell and non-executive directors Simon Holden and Anita Rival.
They propose investment veteran Robert Leggett and Miles Staude of Staude Capital as replacements.