The Financial Times reported today that activist investor Brian Myerson got a taste of his own medicine today when shareholders of Principle Capital Investment Trust plc ("PCIT") ousted him from management of the fund. Leading the shareholder group is fellow activist Daniel Gold of QVT Financial. Mr. Myerson is trying to negotiate a deal with investors, but since the fund has lost 80% over the past year, a return to management is doubtful.
The Trust was managed by Principal Capital Group, which was co-founded in November 2004 by Mr. Myerson. As of 12/31/08, Principle Capital Group had assets under management of $1.12 billion. Prior to Principle, Mr. Myerson was Joint Chief Executive of Active Value which he founded in 1993 and through the Active Value and Principle Capital groups has been viewed as a pioneer in activist investing in the UK. Throughout his career, Mr. Myerson has been on the board of directors of several listed companies and is currently on the board of Liberty plc. |
