Lyxor: index funds may have weakened corporate governance

Hedge fund activism is seeing an uptick, matched by strong returns, but does the strategy always extract long-term value for shareholders?

Philippe Ferreira, head of research, managed account platform, and Moez Bousarsar, head of event-driven strategies, Lyxor Asset Management

Shareholder activism has seen a strong resurgence since 2008. Campaigns against public companies increased by 150% between 2010 and 2014 and activists now run funds with $120 billion of capital, attracting more than 15% of all flows into hedge funds last year. This revival must be considered in light of the rise of merger and acquisition (M&A) activity and

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