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Anson Funds criticizes Match Group's ( MTCH ) board for

underperformance

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Anson proposes three tech-savvy director candidates for

Match

Group ( MTCH )

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Match's stock down 10.5% in past year, valued at $7.6

billion

By Svea Herbst-Bayliss

NEW YORK, April 4 (Reuters) - Hedge fund Anson Funds

blamed Match Group's ( MTCH ) board for the online dating

company's underperformance and named publicly for the first time

its three director candidates who all have expertise in the

technology sector and have sat on public company boards.

In a letter to fellow shareholders, Anson Funds' portfolio

manager Sagar Gupta wrote "Match's outdated, insular board with

deep interlockings is inadequately qualified to oversee a modern

technology company." Reuters obtained a copy of the letter.

Anson said it proposed Fumbi Chima, a former senior

executive at Adidas , Burberry ( BBRYF ) and

Walmart ( WMT ) , Laura Lee, who previously worked at

Amazon-owned Twitch, Google and consulting firm McKinsey and

Kelley Morrell, a former senior managing director at Blackstone,

as director candidates.

Anson, which owned roughly 0.6% of Match at the end of

December according to a regulatory filing, has been pressing the

parent of dating sites Tinder, Hinge and OkCupid for over a year

to rethink capital allocation, cut costs, and consider a

strategic review of its MG Asia business.

While Anson's holding is relatively small, lawyers and

bankers say the size of an activist's position is less important

now as a growing number of investors push for changes at all

types of companies.

Additionally the investor has raised concerns about Match's

governance and pushed for management to refine its corporate

strategy.

A Match spokesperson was not immediately available for

comment.

Match's stock price has fallen 10.5% in the last 52 weeks,

valuing the company at $7.6 billion.

Only three of Match's 10 directors will stand for election

this year, creating a flash point for many investors who

generally want all board members to be up for election annually.

Anson said in its letter that the board played "musical

chairs" with the role of chief executive officer, making four

changes in the past five years.

It also said that it was not eager to fight with the company,

noting that "ideally, Match's board will see the need for change

itself and work with shareholders to refresh the board." Reuters

reported last month that Anson planned to nominate several

director candidates.