Kinetics, Horizon funds cut holdings in London stock exchange
Tuesday, 17 November 2009
LONDON, Nov 13 (Bloomberg): Kinetics Asset Management Inc and sister company Horizon Asset Management Inc cut their combined stake in London Stock Exchange Group Plc to below 7 per cent, regulatory filings show.
The New York-based funds, which together held about 10.3 per cent of the UK bourse operator, reduced their holdings with Horizon cutting from 7.2 per cent to 3.65 per cent and Kinetics trimming its stake from 3.1 per cent to less than 3 per cent, according to yesterday's filings.
Borse Dubai Ltd is LSE's biggest shareholder with a stake of almost 21 per cent, followed by Qatar Investment Authority with 15 per cent, according to Bloomberg data.
The regulatory filings come as LSE Chief Executive Officer Xavier Rolet, who started in May, meets smaller companies listed on his markets and their advisers in Edinburgh. Rolet has also cut costs, changed tariffs and seeks to improve technology after the exchange lost more than 25 per cent of its market share under former CEO Clara Furse.
The New York-based funds, which together held about 10.3 per cent of the UK bourse operator, reduced their holdings with Horizon cutting from 7.2 per cent to 3.65 per cent and Kinetics trimming its stake from 3.1 per cent to less than 3 per cent, according to yesterday's filings.
Borse Dubai Ltd is LSE's biggest shareholder with a stake of almost 21 per cent, followed by Qatar Investment Authority with 15 per cent, according to Bloomberg data.
The regulatory filings come as LSE Chief Executive Officer Xavier Rolet, who started in May, meets smaller companies listed on his markets and their advisers in Edinburgh. Rolet has also cut costs, changed tariffs and seeks to improve technology after the exchange lost more than 25 per cent of its market share under former CEO Clara Furse.