Sovereign sells out of LG

After its exit from SK Corp, the fund surprises market with full Korean withdrawal.

Sovereign Asset Management, the private investment vehicle of New Zealand's Chandler brothers, has ended its two and a half year love-hate relationship with Korean equities. Yesterday it completed its sale of LG Group companies, LG Electronics and LG Corp - a move that follows its far more controversial exit from SK Corp.

Korea inc may well breathe a sigh of relief at this news, since Sovereign had proven to be a thorn in the side for the corporate sector. Sovereign did a good job of raising awareness of corporate governance and forced many positive changes, but it has to be said that its tactics were not an overwhelming success. For more...

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