* Jana wants to see a formal and comprehensive review at

Fiserv ( FISV )

* Fund blames board for failing to attract and retain talent

* Jana dials up pressure after months of behind-the-scenes

talks

By Svea Herbst-Bayliss

NEW YORK, July 30 (Reuters) - Activist investor Jana

Partners is ratcheting up pressure on payments company Fiserv ( FISV )

, pushing it to launch a formal review of its entire

portfolio rather than sell assets piecemeal.

The New York hedge fund, which has been invested in Fiserv ( FISV ) since

late 2025, praised the company for reportedly considering a sale

of its debit network assets in a letter it sent to the company,

confirming a story first reported by Reuters.

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 ( FISV ) needs new

directors to address governance issues.

A representative for Jana declined to comment beyond the

contents of the letter.

Fiserv ( FISV ) said it is "executing with urgency and discipline" and is

confident in the company's strategy, platforms, client

relationships and ability to create long-term value.

"Our Board and management team regularly engage with

shareholders, including Jana Partners, and welcome constructive

input," a company representative said in a statement.

FISERV HAS LOST HALF ITS VALUE OVER PAST YEAR

After months of private negotiations with

Milwaukee-headquartered Fiserv ( FISV ), 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 ( FISV ) 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 $54.07 on Thursday.

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 ( TFC ) 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 first reported that big banks,

including JPMorgan Chase ( JPM ) and Bank of America ( BAC ),

held preliminary and tentative discussions to possibly buy

Fiserv's ( FISV ) debit network assets. No deal has been announced.

Fiserv ( FISV ) 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. 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 ( FISV )

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 ( FISV ) competitor

Fidelity National Information Services ( FIS ) 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 ) and a sale

of digital banking ⁠platform Alkami ( ALKT ) ​Technology.