February 24, 2017 / 2:46 PM / 9 months ago

Reuters hosts Newsmaker on the future of shareholder activism

On Wednesday, Reuters hosted a Newsmaker event on the future of shareholder activism, with featured speaker Jeffrey Ubben, Founder and CEO of ValueAct Capital, along with Paul Hilal, founder and CEO of Mantle Ridge LP; Zach Oleksiuk, Director, Head of Americas Investment Stewardship, BlackRock; and Richard Brand, Partner at Cadwalader.  At a time of political transition and regulatory overhaul, the Newsmaker explored the future of activism and the opportunities and pitfalls ahead.

(L-R) Richard Brand, Partner at Cadwalader, Zach Oleksiuk, Head of Americas Investment Stewardship at BlackRock, Paul Hilal, founder and CEO of Mantle Ridge LP and Jeffrey Ubben, Founder & CEO at ValueAct Capital, speak during the Reuters Newsmaker event "The Future of Shareholder Activism" in Manhattan, New York, U.S., February 22, 2017. REUTERS/Andrew Kelly

Among the highlights, Ubben said that his firm had been taking money out of the capital markets as valuations have become overextended, leaving it with $3 billion in cash. ”I really feel that the large-cap activist plays are very treacherous with high PEs (price-to-earnings) and not a lot of growth.” Ubben also weighed in on the administration of U.S. President Donald Trump, saying “everything about Trump I think is inflationary” while citing policies like a potential border tax. But he added that the looming increase in interest rates were more of a concern as a board member. Ubben said he got “super lucky” with the Trump administration’s proposed financial deregulation measures, which caused bank shares - including current ValueAct holding Morgan Stanley - to spike. He said he sold some shares in Morgan Stanley following its price increase.

Watch the full Reuters Newsmaker here

Media Contact:

Heather dot Carpenter at thomsonreuters dot com

[Reuters PR Blog Post]

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