Institutional Shareholder Services (ISS) has been acquired by a group of investors that includes ISS' main rival, The Proxy Monitor (TPM).
The consortium, comprised of TPM and the venture capital divisions of Hermes Investment Management and Warburg Pincus, bought ISS from Thomson Financial for an undisclosed amount.
According to Thomson, ISS and TPM will be merged over the next six months, with the majority of operations being consolidated in the Washington DC area. Thomson added that despite the takeover, ISS would survive as a separate entity.
The acquisition of ISS will leave clients with just the one advisory firm to deal with regarding shareholder issues. Both firms are paid by pension funds and large institutional investors to analyse and issue recommendations on corporate board battles and hostile takeovers.
By Geoffrey Ho
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.