Former ValueAct partner Haggart to launch activist firm, sources say

Share

Share

March 6 (Reuters) – A former partner at ValueAct Capital Management, one of Wall Street’s best known activist investment firms, will start his own firm, according to people familiar with the matter, marking one of the most high profile activist firm launches in years.

Dylan Haggart, who was responsible for ValueAct’s investments in private equity firm KKR, investment bank Morgan Stanley (MS.N), and media company The New York Times (NYT.N), and serves on the boards of financial technology company Fiserv (FI.N), and data storage company Seagate Technology (STX.O), has formed a new firm called Fivespan Partners, the people said.

Haggart left ValueAct last year after spending 10 years at the San Francisco-based investment firm.

Fivespan, named for a landmark bridge in Haggart’s hometown outside of Ottawa, Canada, is expected to begin making investments in the second half of 2024 and will be based in San Francisco, said the sources who were not permitted to speak publicly about the private firm’s plans.

It plans to concentrate on mid-sized companies with chances to grow and work with management teams and boards to help them improve operations and capital structures to make them more valuable, the sources said.

Haggart did not return a call for comment.

The new launch is among the most notable in the activist investor space since Jeffrey Ubben, who founded ValueAct, started Inclusive Capital Partners four years ago and Ed Garden left Trian Investment Management last year to invest his personal fortune through Garden Investments.

Fivespan will begin operations at a time activists are finding fresh favor with investors as many have helped push share prices higher by working with management to make companies perform better. Investors are now rewarding companies that are transforming themselves to be more profitable, allocate capital well, and focus on what matters to shareholders.

Last year, the average activist investor, returned 18% according to Hedge Fund Research data, with some firms posting gains of twice that while the broader market rallied over 24%.

After a decade at ValueAct, Haggart embodies his old firm’s hallmarks of staying out of the limelight and trying to work collaboratively with management, people who know him said. He rarely speaks at industry conferences and does not give interviews but is readily available to a target company’s executives for advice and guidance, they added.

The new firm plans to create a portfolio with six to 10 investments at a time, the sources said.

Sarah Coyne, who worked with Haggart as a partner at ValueAct and also left in 2023, will be a managing partner at Fivespan, the sources said.

Two other former ValueAct employees, Margarita Krivitski and Andrew Fraga, and Chris Kelly, who previously worked at Voyager Global Management, will join the investment team.

Carly Pollock, a seasoned hedge fund industry executive, will be the new firm’s chief operating officer, chief financial officer and chief compliance officer, the people said.

Image by: Pexels

Share

Latest

Related Content

Krzysztof Bratos

Managing Director – Head of Investment Division Private Banking, Wealth Management Brokerage House and Retail Investments
mBank S.A.

Indonesia, Jakarta

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

COVID-19
Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

Request Nomination Pack

Error: Contact form not found.

Contact Us

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    Philippines, Manila

    Thailand, Bangkok

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Louisa Nicholls

    Head of Digital Experience and Design
    Coutts

    Media Kit

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Izaskun Azaldegui

      Head of Wealth Management in San Sebastián
      CA Indosuez Wealth Management

      I´m Izaskun Azaldegui Alba, a seasoned professional with extensive experience in banking and wealth management.  With over two decades of experience I´ve taken on various managerial roles, demonstrating my leadership abilities and expertise in private banking.  From leading teams effectively to achieving top positions within major national and international financial institutions, my career journey reflects my commitment to excellence and continuous growth in dynamic environments.

      My educational background is comprehensive, including a Master´s degree in Business Administration by Deusto University, certifications, and specialized programs in finance, coaching and management.  Notably, I´ve completed the Executive Program for Women in Senior Management and obtained a Professional Coach Certification, enhancing my leadership and mentoring capabilities.

      My proficiency in multiple languages, including English, French, Basque and a little German has been instrumental in navigating diverse professional environments and building strong relationships with clients and colleagues worldwide.  Moreover, my international experience, particularly in France and the USA, has broadened my perspective and enriched my cultural understanding.

      Edmund Shing, PhD

      Global Chief Investment Officer
      BNP Paribas Wealth Management

      Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

      Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

      Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

      Aurélie Maillard

      Head of Private Markets
      Société Générale Private Banking Europe

      Aurélie Maillard started her career in 2014 at Banque Privée 1818 (now Natixis Wealth Management) as a banker in charge of business development for the wealth management offering of the regional Caisses d’Epargne. She then joined Flexstone Partners (a subsidiary of Natixis IM) in 2017, first in Paris and then in Geneva, as Vice President in the Investor Relations and Business Development team.

      Aurélie Maillard joined Societe Generale in Geneva in July 2022 as Head of Private Markets for Societe Generale Private Banking Europe.

      After obtaining a Bachelor’s degree in Law from Sheffield Hallam University in the UK, Aurélie Maillard continued her legal studies in France with a Master’s degree in Business Law from UPEC and a Master’s degree in Wealth Law, Notary Track, from the University Jean Moulin Lyon 3. She is also a graduate of the Grande École programme (Master of Science in Management) of EM Lyon Business School.

      Tara Palmer

      Chief Operating Officer            
      SG Kleinwort Hambros

      Andrew Yen

      Founder
      Panhe Family Office

      Ph. D. in Chinese finance, Master of Financial Engineering, CFP Holder in Taiwan and China, formerly with UBS and UBSS, he has served as an independent director of Shandong International Trust Co., Ltd.(1697.HK), an expert lecturer in the senior management class of the Tsinghua University School of Law China Trust Industry Association, and a Special Lecturer in the CPB Certification Course for internationally certified private bankers. Dr Yen has 25 years of practical experience in the family office (Chinese mainland, the US, Singapore, Hong Kong, Taiwan, Vietnam, Thailand, Malaysia, etc.) , have a deep understanding of the practical problems and obstacles faced by entrepreneurs in Greater China. Dr Yen has also been invited to teach and share on topics related to heritage at China Europe International Business School, Taiwan University, Peking University and Zhejiang University universities.

      Dr. Yen founded the Panhe Family Office in 2013,focuses on family wealth preservation and nheritance, and ticks to the strategy of “buyer” positioning. With taking “Defend, Attack and nheritance” as the main line, he first nitiated “top ten service modules” of family office industry. incubating family SFO methodology and assisting business families to carry out succession project and construct family governance system. Over the years, Dr. Yen has served nearly 300 families in Greater China by combining theory with action. The Panhe Family Office entered into a strategic partnership with the Rockefeller family office in 2018.

      Kaie-Liis Asu

      Head of Private Banking
      LHV Pank

      Request Nomination Pack

      Error: Contact form not found.