Jana Partners施压Fiserv启动全组合审查并刷新董事会

Activist investor Jana Partners is ratcheting up ​pressure on payments company Fiserv (FISV.O), pushing it to launch a formal review of its entire portfolio rather ‌than sell assets piecemeal, according to a letter seen by Reuters on Thursday.

The New York-based hedge fund, which has been invested in Fiserv since late 2025, praised the company for reportedly considering a sale of its debit network assets.

But in a letter to the board and new CEO, ​Jana's managing partner and portfolio manager Scott Ostfeld said it now wants management to go further and review ​the entire portfolio, arguing that asset sales could restore credibility with investors and boost the stock ⁠price.

Jana also reiterated its position that Fiserv needs new directors to address governance issues.

A representative for Jana declined to comment ​beyond the contents of the letter.

Fiserv did not immediately respond to a request for comment.

FISERV HAS LOST HALF ITS VALUE OVER ​PAST YEAR

After months of private negotiations with Milwaukee-headquartered Fiserv, Jana is becoming more vocal, having first discussed its hopes for the company publicly in early June and now following up with the more pointed letter to the company.

Fiserv has a market value of nearly $30 billion but has lost ​more than half of its value in the last 12 months with its stock price closing at $55.63 on Wednesday.

The announcement ​last month by CEO Mike Lyons, who had been in the top job for only a year, that he was leaving to run ‌Truist Financial ⁠Corporation (TFC.N) added to the stock's decline.

In the letter, Jana blamed management turnover and unspecified and ongoing missteps for making investors skittish. It singled out the board for failing to attract and keep talented top executives and said new blood was needed in the boardroom to fix these problems.

Most critical, however, was the need to publicly announce a comprehensive review, the letter ​said.

In July, the Wall Street ​Journal reported that big banks, ⁠including JPMorgan Chase (JPM.N) and Bank of America (BAC.N), held preliminary and tentative discussions to possibly buy Fiserv's debit network assets. No deal has been announced.

Fiserv announced smaller efforts earlier this year including ​partnering with Bridgeport Partners to form a joint venture spinning off its ATM managed services, ​cash logistics and ⁠MoneyPass networks. And it sold its Education Solutions student loan servicing business to Infinite Computer Solutions.

Jana, which has experience in pushing financial sector companies to perform better, previously said it believes Fiserv can help banks and credit unions adopt artificial intelligence tools in ⁠their own ​businesses, including through a recently announced collaboration with OpenAI.

Three years ago, Jana ​successfully pushed Fiserv competitor Fidelity National Information Services (FIS.N) to separate its Worldpay payments business.

The hedge fund is currently pushing for a big share buyback and breakup ​at holding company Markel Group (MKL.N) and a sale of digital banking platform Alkami Technology (ALKT.O).