Several asset managers have voiced their concern over social and governance issues at Deliveroo, leaving the food delivery group short of key institutional investors days ahead of its IPO.
The UK's largest fund manager was the latest to add its hesitance to the mix, as Legal & General Investment Management (LGIM) told the Financial Times it was "unlikely to participate" in the IPO across either its active or passive portfolios. The £1.3trn AUM house said it was pushing the Financial Conduct Authority to not include Deliveroo in the premium indices, which would force the firm to invest in the company through passive products, as it was "important to protect minority and end-investors against potential poor management behaviour". Ship shape and ready to float? IPO market ...
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