Activist investment firm Elliott Management has taken a stake in the London Stock Exchange Group (LSEG), prompting a jump in the company’s share price Wednesday morning before it settled down to close down 1%, according to reports. The size of Elliott’s holding remains undisclosed, but the fund is already engaging with LSEG’s leadership to push for improved performance.
The move by Elliott comes at a challenging time for LSEG, which has seen its share price decline by more than 35% over the past year. Investor concerns center on potential disruption to its data and analytics business from the rapid development of artificial intelligence, as well as a broader slowdown in initial public offerings. Earlier this month, LSEG shares fell 13% following the launch of an AI-powered legal tool by Anthropic, a US startup, which investors fear could challenge LSEG’s market position.
LSEG, although historically known for operating the London Stock Exchange, has diversified its revenue streams, with its data and analytics arm now accounting for nearly half of its total income. This shift followed its acquisition of financial data provider Refinitiv in 2021.
Elliott Management has a history of intervening in companies it believes are undervalued, demanding changes to unlock shareholder value. In early 2025, the firm built a significant stake in BP, becoming its third-largest shareholder with a holding of almost £3.8bn, or 5% of the company’s shares. Elliott subsequently played a role in the ousting of BP’s chief executive, Murray Auchincloss, in December and had previously campaigned for changes to the oil company’s board, successfully targeting its chair, Helge Lund.
The firm has also agitated for change at other major UK companies, including drugmaker GSK and housebuilder Taylor Wimpey. Beyond its investments in public companies, Elliott also owns Waterstones and Barnes & Noble, the bookstore chains, and is reportedly considering listing them on the stock market, with a preference for London as the listing venue – a move that could provide a boost to the UK market.
While there was an uptick in the number of companies choosing to list in London during the latter half of 2025, concerns persist regarding the overall number of UK public companies, which has been reduced by takeovers, and delistings.
LSEG acknowledged the engagement with its investors, stating through a spokesperson that the company “maintains an active and open dialogue… while remaining focused on executing our strategy.” Elliott Management declined to comment on its investment.
