Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Former ISS marketing manager turns corporate governance consultant

Stock MarketsApr 08, 2019 06:20PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Former ISS marketing manager turns corporate governance consultant

By Svea Herbst-Bayliss

(Reuters) - A former Institutional Shareholder Services Inc (ISS) marketing manager who was not directly involved in making the influential advisory firm's voting recommendations is now working as a consultant advising clients on how ISS is likely to vote.

Anna Bryan, who worked at ISS until last year, advised Loop Capital Markets last month that activist hedge fund Starboard Value LP would likely win a proxy contest at retailer Dollar Tree Inc (NASDAQ:DLTR), where it sought to replace a majority of directors.

Loop Capital, a Chicago brokerage, wrote in a client note that, following a discussion with Bryan, it reiterated its Dollar Tree "buy" rating and raised its price target to $115 per share. The note, which was disseminated to Loop Capital clients, was seen by Reuters.

"We left the call (with Bryan) feeling confident that Starboard Value would likely prevail in a proxy contest," Loop Capital wrote in the March 8 note, noting that Bryan has "extensive proxy advisory experience."

The prediction did not pan out. Starboard dropped its board challenge against Dollar Tree on Friday, saying that it was pleased with the company's decision to test multiple price points at its stores. Dollar Tree shares on Monday closed down 3.3 percent at $102.44.

Bryan never served as a research analyst producing ISS recommendations. Instead, she worked in the global marketing and communications department between 2014 and 2018, according to her LinkedIn (NYSE:LNKD) profile and ISS sources.

Bryan, who describes herself on her Linkedin page as an investor relations consultant and sustainability expert, declined to comment on her involvement in the Loop Capital recommendation. Loop Capital Markets managing director Anthony Chukumba did not respond to requests for comment.

Bryan's case illustrates the strong appetite among investors for insight into ISS's thinking, turning former employees who were even tangentially involved in ISS's recommendations into sought-after experts.

It also underscores the sway of Rockville, Maryland-based ISS, which informs the votes of roughly 1,400 institutional investors. Its influence was on display two weeks ago, when Starboard abandoned its campaign to urge investors to block drug maker Bristol-Myers Squibb (NYSE:BMY) Co's $74 billion deal to buy Celgene Corp (NASDAQ:CELG) hours after ISS came out in support of the merger.

As a result, ISS staffers have become coveted recruitment targets. Two former heads of ISS's special situations research group for example, Chris Young and Chris Cernich, moved to Wall Street long ago.

Former ISS marketing manager turns corporate governance consultant
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email