December 13, 2017 / 2:16 PM / 7 months ago

BlackRock to back London Stock Exchange chair in TCI spat - source

LONDON (Reuters) - BlackRock, one of the London Stock Exchange’s largest shareholders, will vote against a motion next week to ditch the exchange’s chairman Donald Brydon, a person familiar with the matter said on Wednesday.

A sign displays the crest and name of the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall

The motion has been brought by activist hedge fund TCI Fund Management, which is unhappy with Brydon’s handling of the succession of Xavier Rolet, the LSE’s former chief executive.

BlackRock, LSE and TCI declined to comment.

The Qatar Investment Authority, another big LSE shareholder, is also due to support Brydon at the shareholder meeting next Tuesday.

TCI, the hedge fund firm run by Christopher Hohn, is not expecting to pass the resolution to oust Brydon, a source close to the firm has told Reuters. Shareholder advisory firms Glass Lewis and InstitutionalShareholder Services have previously recommended shareholdersvote against removing Brydon.

Reporting by Noor Zainab Hussain, Maiya Keidan and Huw Jones. Editing by John O'Donnell and Jane Merriman

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