Network officials also said voters should expect more of a Koch focus on grassroots activism throughout the 2020 election cycle.Politicsread more
In a room full of avowed capitalists, policies that sound to some like socialism are bound not to go over well.Delivering Alpharead more
GM's usage of temporary workers, potential closure of plants and health care contributions remain major sticking points, according to people familiar with the talks.Autosread more
Trump has criticized Facebook numerous times since becoming president, most recently posting on Twitter that the company's proposed digital currency, libra, will "have little...Technologyread more
Republicans and Democrats have long since separated themselves by ideology, leaving each more uniformly conservative or liberal than ever. And now a new data analysis by the...Politicsread more
At least in terms of monetary policy, Pence says should be taking after other regions who keep their benchmark interest rates near zero.Delivering Alpharead more
The Pentagon on Thursday said the recent attack on Saudi Arabian oil facilities were "sophisticated" and represented a "dramatic escalation" in tensions within the region.Defenseread more
The flap illustrates the growing distrust of the YouTube community, and willingness to assume the worst in light of unclear communication.Technologyread more
Four years ago Microsoft had just two women on its board. Walmsley is now the fifth.Technologyread more
AT&T isn't focused on selling or divesting DirecTV, despite pressure from stakeholder Elliott Management, sources tell CNBC.Technologyread more
Patrick Shyu, a former tech lead at Google, has posted a series of videos making fun of Facebook, where he worked as a software engineer until last month.Technologyread more
Lansdowne Partners, one of the world's biggest hedge funds, has taken a massive stake in the Royal Mail sell-off, sparking controversy that not enough stock was given to U.K. pension fund managers.
Royal Mail's shares opened 36 percent higher at 450p, way above the government's offer price earlier this week for the U.K's mail delivery service of 330p.
Landsdowne, along with sovereign wealth funds including ADIA (Abu Dhabi), KIA (Kuwait Investment Authority), GIC (Singapore) and Norges (Norway) were all given allocations of around £50 million ($79 million), according to people close to the deal.
Based on the offer price and the £50 million allocation, the funds would already be sitting on a paper profit of some £18 million.
The Royal Mail, which began conditional trading on Friday, is the UK Government's biggest privatisation in over 20 years. It was heavily oversubscribed despite being priced at the top of the range, valuing the company at £3.3 billion at Friday's open. Retail investors were given shares worth just under £750 after more than 690,000 applied to own the postal service stock.
In total, the Government sold 33 percent of shares to retail investors and gave 10 percent to postal workers, in a bid to placate unions over the privatization process.
The Government will retain a 30 percent stake in the company with remaining stock being sold to so called institutional investors.
(Read More: British public flock to Royal Mail share offer)
However, according to sources, only one UK "long only" fund manager -- Threadneedle -- was among the top 10 shareholders, with The Royal Mail's advisers favoring foreign SWFs and US fund managers. Insiders close to the deal said that the top 10 shareholders had held talks at least five meetings with the Royal Mail about supporting the deal when it came to market.
It is thought that over 800 institutions fought over 300 bundles of shares, with no applicant receiving more than the 3 percent disclosure threshold.
London-based Lansdowne Partners is also the third-biggest shareholder in Lloyds Banking Group, and recently added to its shareholding after the Government's privatization kicked off last month.
The move mirrors what happened in the initial public offering of insurance group, Direct Line, which was sold last year by 82 percent taxpayer-owned Royal Bank of Scotland. Like Royal Mail, the lead adviser was Goldman Sachs, and most of the share sale went to large UK money managers including Blackrock, Fidelity and Capital. Recent data suggests that 52 percent of the UK stock market is now owned by foreign investors, with active UK fund managers having little capital to deploy.
Royal Mail will be the third largest postal services listing behind Deutsche Post AG ($5.7 billion) in November 2000 and United Parcel Service Inc ($5.5 billion) in November 1999.
According to Mergermarket, the deal pushes the total value of UK flotations to $10.3 billion in 2013, up from $2.5 billion for the whole of 2012. It also marks the highest annual volume since 2007, which raised $16.5 billion on the UK stock market.
At $108.4 billion, global IPOs are up 15 percent from $93.9 billion in 2012 with London-based IPOs making up 9 percent of the total global volume, another post-crisis record.
Royal Mail's lead adviser, Goldman Sachs, is the top-ranking IPO bookrunner both for the UK and globally, marking one of the bank's most profitable revenue sources.
Sources close to the deal insisted that U.K. pensions funds would still gain significant exposure to the sale as investors in both the big U.S. funds and hedge funds like Landsdowne.