TCI partner says VW campaign its own initiative, not backed by others

LONDON, May 9 (Reuters) - Activist hedge fund TCI's campaign against German carmaker Volkswagen (LSE: 0P6N.L - news) , launched on Friday, was begun entirely at their own initiative and not as part of a broader group, a partner at the firm told Reuters.

The $10 billion London-based hedge fund, which only has exposure to non-voting preference shares and not the group's ordinary shares, would be open to speaking to fellow investors, TCI partner Ben Walker said.

In a letter to Volkswagen's executive and supervisory boards on Friday, TCI said it wanted to see a complete overhaul of the firm's executive pay structure as part of a plan to boost productivity at the firm.

"We're shining a light on the situation," said Walker. "By shining a light, you expose it to the ridicule that it deserves," adding TCI believed the share price could double if the firm improved productivity. (Reporting by Maiya Keidan; editing by Simon Jessop)