Major Moves: Elliott vs. Phillips 66, Perplexity's Rapid Rounds, IPOs and UK Pension Plans

This Financial Times report highlights major financial developments including Elliott Management's proxy battle at Phillips 66, Perplexity's impending $500 million funding round, Cobalt Holdings' London IPO, and UK Chancellor Rachel Reeves' plan to mandate pension fund investments in private assets.

Influential proxy adviser ISS has publicly endorsed Elliott Management in its ongoing board campaign against oil refiner Phillips 66, a move that could tip the scales in the activist investor's favor.

In other financial news, AI search engine Perplexity is finalizing a significant $500 million funding round, which would elevate its valuation to an impressive $14 billion. This comes at a time when start-ups are navigating challenging economic waters.

Meanwhile, Cobalt Holdings has announced its intentions to initiate a $230 million Initial Public Offering in London, with notable involvement from Glencore, which will take a 10% stake. Additionally, UK Chancellor Rachel Reeves has outlined controversial plans designed to force large pension funds to invest up to 50 billion pounds in private assets should they fail to meet voluntary goals, potentially reshaping the investment landscape.

(With inputs from agencies.)