Richard (Mick) McGuire III has disclosed that his activist fund, Marcato Capital Management, owned more than 17.7 million shares of Bank of New York Mellon at the end of the third quarter. That makes the bank McGuire’s largest holding by far as of September 30.
BNY Mellon now accounts for nearly one quarter of the San Francisco-based hedge fund’s U.S. equity assets, which surged from $1.9 billion at the end of the second quarter to $2.8 billion at the end of the third quarter.
In June, Nelson Peltz’s activist firm, Trian Partners, disclosed it owned about 28.9 million shares of BNY Mellon, valued at the time at about $1.05 billion. This worked out to about 2.5 percent of the total outstanding shares.
The stock is up about 10 percent from its October 15 low.
McGuire has been very busy on the activist front of late.
Earlier this week he called on InterContinental Hotels Group, which owns the Holiday Inn and Crowne Plaza brands, among others, to seek a merger with another hotel operator.
He also recently went activist on NCR Corporation.
McGuire worked at William Ackman’s Pershing Square Capital Management from 2005 to 2009 before founding Marcato.
His fund was up 0.50 percent in October, trimming its loss for the year to 2.13 percent, according to HSBC.
