(Bloomberg) -- Marcato Capital Management, the hedge fund run by Mick McGuire, amassed a new 6.3% stake in LPL Financial.
San Francisco-based Marcato disclosed the new position in a 13D filing Tuesday with the SEC. The activist views LPL Financial as undervalued and may seek talks with management and the board on strategic and operational changes including capital structure, mergers and acquisitions and asset allocation, the filing shows.
In a separate active campaign, McGuire has called for the replacement of Bank of New York Mellon CEO Gerald Hassell amid other changes. Marcato has recently agitated for the sale of gym operator Life Time Fitness and changes at box-maker Packaging Corp. of America., ATM-maker NCR, real estate investment trust American Realty Capital Properties, and auction house Sotheby’s.
McGuire founded Marcato in 2010 with startup capital from Blackstone Group after he worked for Bill Ackman at Pershing Square Capital Management. The fund invests in small and mid-market public companies.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access