September 25, 2018 / 7:32 AM / 3 months ago

Activist hedge fund TCI cuts stake in London Stock Exchange

A broker looks at a graph on his computer screen on the dealing floor at ICAP in London, Britain January 3, 2018. REUTERS/Simon Dawson

(Reuters) - Activist hedge fund TCI has cut its stake in London Stock Exchange Group Plc (LSE.L), less than a year after its push to oust the stock exchange’s chairman failed.

TCI, founded by Chris Hohn and the third largest shareholder in LSE, has cut its stake to 1.79 percent from 5.05 percent, according to a regulatory filing on Monday.

LSE shareholders voted by 79.07 to 20.93 percent at an extraordinary general meeting in December to defeat a resolution that aimed to ditch chairman Donald Brydon over the way he handled the departure of former CEO Xavier Rolet.

TCI called for the vote after accusing the board of forcing Rolet out.

TCI declined to comment on the reason for the reduction in its LSE stake.

LSE shares closed 2.20 percent lower at 46.63 pounds. The stock has risen around 23 percent this year and increased more than seven times in value over the past decade.

Reporting by Arathy S Nair in Bengaluru; Editing by Mark Potter and Jane Merriman

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