The City witnessed raw shareholder power last week. Fidelity fund manager Antony Bolton, acting on behalf of a group of shareholders, managed to block the appointment of Carlton boss Michael Green as chairman designate of ITV Plc, the new company which will come out of the merger between Carlton and Granada.
And, whatever you think of this kind of shareholder activism, it looks like it is here to stay. The UK government is also keen to encourage it as a way of making companies more accountable. So, which firms hold the power to wield the axe if required in the UK ?
Listed below are the Top 10 UK retail fund managers, together with the funds they are said to have managed in August.
1. Fidelity - £20.5bn
=2. Invesco Perpetual - £11.5bn
=2. Threadneedle - £11.5bn
4. Scottish Widows - £11.4bn
5. Legal & General - £10.2bn
6. Schroders - £9.2bn
7. M&G - £9.0bn
8. Halifax - £7.3bn
9. Gartmore - £6.8bn
10. Standard Life - £6.4bn
Source - Investment Management Association (August 2003)