Activist hedge fund ValueAct Capital Management has taken a stake worth about $1bn in American Express.
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ValueAct’s investment is still less than 5% of American Express, Bloomberg reported citing unnamed sources.
However, American Express is not a core active target of ValueAct and the fund could sell the stake if it decides against a longer-term campaign for changes.
The move comes as the US-based card issuer struggles with its loss from various co-branded partnerships.
American Express said in a statement: "ValueAct is a well-respected firm. We have been speaking with them, as we do with other investors, and look forward to continuing a constructive dialogue.
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By GlobalData"At American Express, we are focused on building long-term value for shareholders, and are always open to the views and perspectives of our investors."
