The Benefits and Costs of Shareholder Activism
17.30 Tuesday, 27 May 2014
London Business School

A presentation of the academic research paper "The Returns to Hedge Fund Activism: An International Study" followed by a panel discussion and a reception, organised by the LBS Centre for Corporate Governance and the ECGI held at the London Business School.
Attendance by invitation only.

Programme

Harlan Zimmerman
Senior Partner
Cevian Capital

Harlan Zimmerman is a Senior Partner of Cevian Capital, with responsibilities across investment, engagement and business matters of the firm. He is based in London and has worked with Cevian since 2003.

Cevian is Europe’s largest active ownership or “activist” manager, with c. $13 billion dedicated to constructive activist investing in listed Northern European companies. Cevian is long-only, does not use leverage, and has an investment horizon of 3-5 years (backed by an institutional capital base committed for a similar term). Cevian’s 22 investment professionals focus on c. 12-15 portfolio companies at a time (with ownership stakes of c. 5-20%) and work to add value through hands-on, constructive ownership. Cevian’s professionals often join portfolio company boards directly, and collectively have held c. 40 board seats in Finland, Germany, Norway, Sweden, Switzerland and the United Kingdom. By using the strong Northern European governance framework, Cevian has avoided ever having to use a proxy fight or publicly “attack” a company. In Sweden and Finland, it regularly joins shareholder-led director nomination committees. Cevian has offices in London, Zurich and Stockholm, where its founders began implementing the firm’s strategy in 1996. Paul (Lord) Myners joined Cevian UK as chairman in 2011.

Prior to Cevian, Mr. Zimmerman was a partner at Capital Z Investment Partners, a sponsor of private equity and hedge funds. Previously, he managed listed equities and private equity at F & C Management (then Foreign & Colonial), and was a project financier at Morgan Grenfell. Mr. Zimmerman attended the Lauder Institute of the University of Pennsylvania, where he earned an MBA in Finance from Wharton and an MA in International Relations. He earned a BA in International Relations and Russian from the University of California, Davis. He is a dual US/UK citizen and has lived in London since 1992.