Paul Myners (pictured) has joined Cevian Capital, Europe’s largest active ownership fund manager, as chairman of its UK operations and a partner.
“For much of the last decade I have highlighted issues within the investment industry that have led to the proliferation of ownerless corporations," says Myners. "These issues include short-termism, overly-diversified portfolios, and a preference for investors to vote with their feet, rather than engage with companies. Over the last few years many institutional investors have become better owners of their companies, but there are structural challenges that constrain such behaviour.”
“I have held Cevian in high regard for some time, after coming to know them from governance circles. Over the last months I have had an opportunity to get to know the firm and its professionals from the inside. Its investment strategy entails a long-term horizon, a concentrated portfolio, a plan to add value to each of its companies through constructive involvement, and collaborative efforts with and on behalf of other major shareholders. Cevian’s approach embodies many of the principles that I believe are important not only for successful investing, but for society to maximise economic value from its capital and corporate assets.”
Harlan Zimmerman, Senior Partner of Cevian, says: “Cevian invests in companies which we believe are attractive on an as-is basis, but which have scope for operational, strategic, structural and financial improvements. Understanding and enhancing a company’s board and governance dynamics is often the key to catalysing these improvements. Paul will contribute in several ways, but in particular his broad and deep experience within UK boardrooms will be a significant asset in Cevian’s work to identify and realise value potential.”
