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
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.