Activist Cevian Bets on Swiss Finance With Baloise Stake (1)

Activist fund Cevian Capital AB became a major shareholder in Baloise Holding AG, marking its second big investment in the Swiss finance industry after recently taking a stake in UBS Group AG.

The move comes less than a month after the Swiss insurer changed its bylaws to become more attractive to investors.

Stockholm-based Cevian now holds 3.12% of voting rights in Baloise, according to a disclosure from May 18. The investor is also a major shareholder in the Swiss industrial group ABB Ltd.

Last month, Baloise shareholders abolished a rule curbing voting rights, effectively making the company ...