Myners to join activist fund manager

Paul Myners, the former City minister, has agreed to join the board one of Europe's leading activist investors, according to reports.

Myners, previously the financial services secretary to the Treasury, will chair the UK arm of Sweden-based Cevian Capital, according to the FT. Founded in 2002, Cevian has €3.5bn in assets under management and stakes in a number of UK companies including Old Mutual and Wolseley. It uses an active investor strategy to return value in companes in which it owns stakes. Myners' appointment will help the group identify investment targets, as well as enable them to work with other existing shareholders.