A private equity firm and a Canadian entrepreneur have bought Glass Lewis from the Ontario Teachers’ Pension Plan Board (OTPP) and Alberta Investment Management Corporation (AIMCO).
Peloton Capital Management and Stephen Smith have acquired the US-based proxy advisor and research company for an undisclosed sum.
OTPP bought Glass Lewis from China’s Xinhua Finance in 2007 and sold a 20% stake to AIMCO six years later - the terms of both deals were kept under wraps. Since then, stewardship has risen up the agenda and Glass Lewis has become one of the most influential proxy advisors in the world, telling more than 1,200 institutional investors how to vote at AGMs. It describes its client base as including “the majority of the world’s largest pension plans, mutual funds, and asset managers who collectively manage over $40tn in assets”.
It said the latest deal would enable it to expand to new markets and develop new products.
The move mirrors…