Eyebrows were raised in the City after it emerged yesterday that Michael Herzog - a top hedge fund manager who specialises in placing big bets on takeover deals - is working for the Takeover Panel, the City's regulator of mergers & acquisitions.
Here is the link to yesterday's announcement (which as far as I can see hasn't been picked up in the mainstream business press)
http://www.thetakeoverpanel.org.uk/publication/view/20161-appointment-of-new-panel-members
When I found out about Herzog's appointment to the Takeover Panel, which is stuffed full of London's top bankers and lawyers - rival risk arb managers fired a barrage of questions at me. Those questions included:
"How does work?"
"Does he have to take a sabbatical?"
"Is he resigning (from Davidson Kempner, the hedge fund Herzog runs)"
The polite chaps at the Takeover Panel declined to comment. But I understand Herzog won't have to resign or go on sabbatical as he won't be privy to the Panel's price sensitive information on takeovers and mergers. That's because Herzog, whose fund has a giant position in BG Group/Royal Dutch Shell, is just joining the "Code Committee" which focuses on making changes to the Takeover Panel's code (rules that govern how takeovers and mergers are carried out in the United Kingdom).
Apparently, the Takeover Panel likes to have a member of the hedge fund community on the "Code Committee" to give a wide cross section of the City's "constituents" the opportunity to have an input into Code changes.
Well, I'm sure there will be plenty of other top hedge fund bosses banging on the Takeover Panel's door for a place on the "Code Committee" given the amount of intrigue the appointment has caused among Herzog's rivals...
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