David Herro, the Chicago fund manager who instigated Maurice Saatchi’s departure from the Saatchi advertising group last year, has sold a £4.2m stake in Cordiant.
He has also taken stakes for a new fund in two other British companies: Vardon, the leisure group, and Powerscreen, the Northern Irish engineering group.
Herro said that the move did not imply a loss of faith in Cordiant, but was rather prompted by Securities & Exchange Commission guidelines: these say that only one quarter of any fund can hold more than 5 per cent of its assets in a single investment.
Media Jobs
Hello. We have downloaded cookies on your device. Some of these cookies are essential for the website to function. Others are non-essential and are used for analytics and advertising.
We need your consent for these types of cookies.
To withdraw your consent or change your cookie choices, please do this through your browser settings.
Otherwise, click OK to accept and continue.
