Trading Updates 14/11/2019
Trading Update - 15 November 2019
We have bought LSE Group for the Risk Managed fund range.
The business operates across three divisions; Capital Markets, Information Services and Post Trade Services. They own numerous high-quality assets including the London Stock Exchange, Borsa Italiana, FTSE Russell and LCH. In July the company announced the acquisition of Refinitiv - which was previously the Thomson Reuters ‘Financial and Risk’ division. Refinitiv is a leading global provider of financial markets data, analytics and infrastructure. The company owns assets such as Tradeweb, Lipper, Datastream and WM/Reuters. The combination of the two groups will be transformational, creating opportunities for significant cost and sales synergies. We believe the current share price of LSE Group significantly undervalues the long-term, structural growth opportunity and cash generation potential that this new enterprise will possess.
Cornelian Investment Team