(Adds Navient response, share price)
Dec 20 (Reuters) - Sherborne Investors, led by
activist investor Edward Bramson, has turned its attention to
Navient Corp after failing in its attempt to overhaul
British banking giant Barclays.
One of Sherborne's funds has built a stake of about 16% in
United States-based Navient, which provides student loan
management services, Sherborne said on Monday.
The stake makes Sherborne Navient's biggest investor, ahead
of mutual fund manager Vanguard Group, which holds a 10.66%
interest, Refinitiv data shows.
In response, Navient launched a shareholder rights plan - a
defensive strategy enabling existing investors to purchase
additional shares at a discount - that would make it more
expensive for Sherborne to gain more than 20% of stock.
Shares in Navient fell 6%.
"Navient is committed to engaging in constructive dialogue
with all of our investors and we welcome their perspectives,"
said Jack Remondi, president and CEO of Navient.
"We also want to ensure investors are able to realize the
full long-term value of their investment and receive fair and
equal treatment."
Sherborne ran a long but unsuccessful campaign for change at
Barclays, which included efforts to unseat Jes Staley as chief
executive and scale back its investment bank.
Staley left Barclays last month to contest a regulatory
investigation into how he described his past links to convicted
sex offender Jeffrey Epstein. Bramson had previously demanded
Staley's removal over the ties prior to abandoning his activist
campaign.
Sherborne disclosed in August that it had picked a new
target company, without disclosing its name.
(Reporting by Sinchita Mitra in Bengaluru and Iain Withers in
London
Editing by David Goodman and Mark Potter)