London hedge fund takes 5.2pct stake in UBM amid chief executive search

By VCPOST Staff Reporter

Jan 27, 2014 08:05 AM EST

Hengistbury Investment Partners has acquired a 5.2% stake in UK-based events and publishing firm UBM, according City AM.

Hengistbury is the hedge fund established in 2011 by Stuart Partners, former senior partner at The Children's Investment Fund, the report added.

According to The Sunday Times, the London hedge fund has now become the second largest investor in UBN, the report said.

At present, UBM is still searching for a new chief executive. Earlier in January, the company announced that David Levin would leave the firm on March 1 after seven years of service in the same position. Levin would then sit as the chief executive of New York-based firm McGraw-Hill Education, the report explained.

For the meantime, Chairman Dame Helen Alexander will serve as UBM's executive chairman until they find a definite person to fill in the position, City AM reported.

Broker Liberium Capital said of Levin's departure: "We think this suggests a new CEO appointment is probably close, and this should be a positive catalyst for the shares."

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