Post by jannikki on Jun 12, 2006 19:14:32 GMT -4
Hedge Fund Tracking Service Introduced by Top Proxy Solicitor The Altman Group
Monday June 12, 9:56 am ET
NEW YORK--(BUSINESS WIRE)--June 12, 2006--The Altman Group, Inc., a New York-based proxy solicitation firm, today announced that the firm has begun offering a service to track accumulations of shares by hedge funds. This new service was developed in response to a rapidly growing demand by investor relations executives, senior management and board members for better intelligence on hedge fund positions in public companies.
The firm's new service provides weekly and/or monthly analyses of hedge fund and other institutional holdings, major changes in institutional and retail holdings, and reports that correlate changes in historic holding patterns with trading activity and accumulations of a company's shares. These reports provide companies with statistical and strategic information to help them understand whether hedge fund holdings represent an emerging threat and assist the companies in preparing for potential hostile actions by a hedge fund or activist investor.
"We have now developed the capability to help companies keep a close eye on how many total shares hedge funds control," said Jim Montano, Managing Director of Shareholder Identification for The Altman Group. "Until now, it has been difficult for most public companies to accurately track hedge fund accumulations on a current basis. In the last several years we have seen numerous examples where companies have been surprised to learn that hedge funds or other activist investors control 10%, 20%, or even more of outstanding shares."
"Many companies have expressed concerns about hedge funds either threatening or actually commencing proxy contests," said Ken Altman, President of The Altman Group. "We've created a product that enables senior management to anticipate and prepare for such events. The Altman Group's hedge fund tracking service is another example of our ability to innovate and adapt to our clients' changing needs in the proxy solicitation and corporate governance arenas."
In addition to the new hedge fund analysis tools, The Altman Group has established itself as a valuable resource for companies that need to respond to hostile actions by hedge fund investors. Notably, the firm has worked on four proxy fights this spring defending clients against hedge fund attacks and has counseled many other clients on accumulations of shares by hedge funds.
The Altman Group also handles hostile situations on behalf of activist shareholders. Recent client retentions include the Investors for Director Accountability Foundation, in its campaign for withhold votes against Pfizer, and CalPERS, to solicit institutional support for shareholder proposals at both Mellon Financial and Home Depot.
Based on increased demands for guidance in the corporate governance arena, The Altman Group recently added to its staff Reid Pearson, a former senior analyst at Institutional Shareholder Services (ISS) and the only ISS analyst to depart for a proxy solicitation firm in recent years. Since he joined the firm, Mr. Pearson has counseled dozens of corporations on corporate control, compensation and governance issues.
The Altman Group has won the last two TOPS Awards as the best proxy solicitation firm in the United States. The TOPS Award is presented every two years based on an independent survey conducted by Stockholder Consulting Services, Inc. With two consecutive TOPS Awards and a client roster now exceeding 500 public companies, The Altman Group is widely recognized as a leader in the proxy solicitation industry.
The Altman Group handles annual and special meeting solicitations for both corporations and mutual funds, as well as providing corporate governance consulting, vote projections, shareholder identification, and bankruptcy administration services. The Altman Group also offers a full slate of services for proxy fights, mergers and acquisitions, and tender and exchange offers. Additional information about The Altman Group can be found at www.altmangroup.com or by e-mailing info@altmangroup.com.
Contact:
The Altman Group, Inc., New York
Paul Schulman, 201-806-2206
Source: The Altman Group, Inc.
biz.yahoo.com/bw/060612/20060612005724.html?.v=1
Monday June 12, 9:56 am ET
NEW YORK--(BUSINESS WIRE)--June 12, 2006--The Altman Group, Inc., a New York-based proxy solicitation firm, today announced that the firm has begun offering a service to track accumulations of shares by hedge funds. This new service was developed in response to a rapidly growing demand by investor relations executives, senior management and board members for better intelligence on hedge fund positions in public companies.
The firm's new service provides weekly and/or monthly analyses of hedge fund and other institutional holdings, major changes in institutional and retail holdings, and reports that correlate changes in historic holding patterns with trading activity and accumulations of a company's shares. These reports provide companies with statistical and strategic information to help them understand whether hedge fund holdings represent an emerging threat and assist the companies in preparing for potential hostile actions by a hedge fund or activist investor.
"We have now developed the capability to help companies keep a close eye on how many total shares hedge funds control," said Jim Montano, Managing Director of Shareholder Identification for The Altman Group. "Until now, it has been difficult for most public companies to accurately track hedge fund accumulations on a current basis. In the last several years we have seen numerous examples where companies have been surprised to learn that hedge funds or other activist investors control 10%, 20%, or even more of outstanding shares."
"Many companies have expressed concerns about hedge funds either threatening or actually commencing proxy contests," said Ken Altman, President of The Altman Group. "We've created a product that enables senior management to anticipate and prepare for such events. The Altman Group's hedge fund tracking service is another example of our ability to innovate and adapt to our clients' changing needs in the proxy solicitation and corporate governance arenas."
In addition to the new hedge fund analysis tools, The Altman Group has established itself as a valuable resource for companies that need to respond to hostile actions by hedge fund investors. Notably, the firm has worked on four proxy fights this spring defending clients against hedge fund attacks and has counseled many other clients on accumulations of shares by hedge funds.
The Altman Group also handles hostile situations on behalf of activist shareholders. Recent client retentions include the Investors for Director Accountability Foundation, in its campaign for withhold votes against Pfizer, and CalPERS, to solicit institutional support for shareholder proposals at both Mellon Financial and Home Depot.
Based on increased demands for guidance in the corporate governance arena, The Altman Group recently added to its staff Reid Pearson, a former senior analyst at Institutional Shareholder Services (ISS) and the only ISS analyst to depart for a proxy solicitation firm in recent years. Since he joined the firm, Mr. Pearson has counseled dozens of corporations on corporate control, compensation and governance issues.
The Altman Group has won the last two TOPS Awards as the best proxy solicitation firm in the United States. The TOPS Award is presented every two years based on an independent survey conducted by Stockholder Consulting Services, Inc. With two consecutive TOPS Awards and a client roster now exceeding 500 public companies, The Altman Group is widely recognized as a leader in the proxy solicitation industry.
The Altman Group handles annual and special meeting solicitations for both corporations and mutual funds, as well as providing corporate governance consulting, vote projections, shareholder identification, and bankruptcy administration services. The Altman Group also offers a full slate of services for proxy fights, mergers and acquisitions, and tender and exchange offers. Additional information about The Altman Group can be found at www.altmangroup.com or by e-mailing info@altmangroup.com.
Contact:
The Altman Group, Inc., New York
Paul Schulman, 201-806-2206
Source: The Altman Group, Inc.
biz.yahoo.com/bw/060612/20060612005724.html?.v=1