Hedge fund Effissimo Capital is known for high-profile campaigns against big Japanese companies
Shares in Nissan surged as much as 20 per cent on Tuesday, after a fund managed by activist investor Effissimo Capital Management was revealed to have taken a stake in the struggling Japanese automaker. Singapore-based hedge fund Effissimo is famous for its high-profile campaigns against some of the biggest names in corporate Japan including Toshiba and transportation company Kawasaki Kisen.
After slashing its annual profit forecast by 70 per cent to ¥150bn, Nissan vowed to enact a slew of restructuring steps including slashing production capacity by 20 per cent, selling down its stake in Mitsubishi Motors by 10 per cent and cutting chief executive Makoto Uchida’s pay. Effissimo, a secretive fund run by Japanese managers, is known for its campaign against Toshiba which culminated in a buyout that privatised the company.
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