Wall Street predator targets London Stock Exchange

Chris Price

Wed 11 February 2026 at 6:12 pm GMT+9 2 min read

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Elliott Management is pushing LSEG’s boss David Schwimmer to improve performance - James Manning/PA Wire

The London Stock Exchange is being targeted by a fearsome Wall Street activist investor as it battles declining listings and the threat from artificial intelligence (AI).

Elliott Management has built a significant stake in the London Stock Exchange Group (LSEG) and is pushing David Schwimmer, the chief executive, to improve the performance after a recent share price slump.

The activist investor has encouraged LSEG to launch a fresh multi-billion share buyback once its current £1bn programme is complete, according to the Financial Times, which first reported the investment.

LSEG shares rose 3.4pc in early trading, topping the FTSE 100.

Elliott’s decision to target the stock market operator follows a protracted slide in shares, which have sunk by nearly 18pc so far this year over fears that AI will disrupt LSEG’s business.

The release of a new automation tool from Silicon Valley tech company Anthropic last week raised concerns that AI will circumvent the business models of data providers and software companies.

While best known for operating the UK’s main stock market, LSEG also has a significant data and analytics business following its $27bn (£20bn) acquisition of Refinitiv in 2021. Refinitiv, now rebranded as LSEG Data and Analytics, provides financial market information and infrastructure. Some investors fear AI will be able to offer the same insights.

Elliott is understood to not be pushing for a break up of LSEG’s data and stock market businesses.

Analysts have defended LSEG’s data business following the recent share price weakness. Enrico Bolzoni, an analyst at JP Morgan, said the slump was “unwarranted” and said: “AI represents an opportunity for LSEG over the near and medium term, and not a threat.”

Michael Werner, an analyst at UBS, said the market was misunderstanding the threat from AI, which “takes data and creates outputs”.

LSEG was already under pressure before the recent AI threat emerged. The stock market has faced a steady decline of new listings in recent years. There were 23 initial public offerings in London last year, down from 114 in 2014. Shares have fallen by more than 35pc over the past 12 months.

Run by billionaire Paul Singer, Elliott is one of the most feared activists on Wall Street.

The investor built a stake in BP last year and accused the oil giant of “chronic underperformance”, calling for “decisive and effective leadership”. Months later Murray Auchincloss, the oil giant’s chief executive, was abruptly ousted in a late night announcement.

Elliott, which has $76bn (£55bn) in assets under management, has also previously targeted UK-listed companies including miner Anglo American.

Elliott and LSEG both declined to comment.

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