Mutual funds start to put their mouth where their money is [Reuters]
CELGENE (CELG)
Last celgene earnings: 10/31 07:30 am
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Source: Reuters
Mutual funds start to put their mouth where their money is | Reuters 5 Min Read (Reuters) - Corporate America’s biggest shareholders have traditionally been content with sharing their views on a company’s strategy privately with management. But now some mutual funds are beginning to rethink their stance, amid pressure from investors for them to justify the fees they charge and a push to boost the performance of their holdings. Wellington Management Company LLP’s decision last month to speak out against drug maker Bristol-Myers Squibb Co’s proposed $74 billion acquisition of Celgene Corp, calling what would be the largest-ever pharmaceutical takeover too risky and expensive, sent ripples across the investment world. This is because these tactics have typically been the purview of activist hedge funds like Starboard Value LP and Elliott Management Corp, not a large institutional money manager like Wellington, with $1 trillion in assets under management. But in the case of Bristol-Myers,
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