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Marshall Wace

From Wikipedia, the free encyclopedia
Marshall Wace
Company typeLLP
IndustryFinancial services
Founded1997; 27 years ago (1997)[1]
Founders
HeadquartersLondon, United Kingdom
ProductsInvestment products
AUMUS$ 64 billion
(as of January 2022)
Websitewww.mwam.com

Marshall Wace LLP is a British hedge fund headquartered in London, England, founded by Paul Marshall and Ian Wace in 1997.[6] Marshall serves as chairman and chief investment officer, and Wace as a chief executive officer & chief risk officer.[7] The company is recognised as one of the world's largest hedge fund managers.[8][9]

History

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Before starting the fund, Paul Marshall was Head of European Equities at Mercury Asset Management, whilst Ian Wace was Head of Equities Trading at Deutsche Bank.[10] In 1997, Marshall and Wace launched Marshall Wace; they were managing $50 million — $25 million from George Soros and $25 million sourced via family and friends.[11]

In August 2014, Marshall Wace made $36 million from going short on the collapse of the Portuguese bank Banco Espírito Santo.[12]

In 2015 Kohlberg Kravis Roberts agreed to buy a 24.9 percent stake in Marshall Wace.[1]

In 2020, Marshall Wace announced its plans to raise $1 billion for a new green hedge fund which will depend on the environmental and ethical attributes for trading stocks.[13]

In December 2023, the company reported revenues of £1.2 billion in the year ending February 2023, down from £1.5 billion on the previous year.[14] Profits amounted to £538 million which was shared between 26 partners of the company.[14]

Operations

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Marshall Wace manages several long-short equity funds.[15]

The firm manages more than $64 billion as of January 2022 and operates from fund management offices in London, New York, Hong Kong, Shanghai, and Singapore.[16] The head office in London is situated on Sloane Street.[17]

The company is a founding member of the Hedge Fund Standards Board (HFSB)[18] and a member of the Alternative Investment Management Association (AIMA).[19]

Products

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Marshall Wace runs a proprietary alpha capture system TOPS (Trade Optimised Portfolio System), which polls the investment ideas of equity sell-side practitioners (generalists, sector specialists, strategists, and economists) around the world and uses algorithms to analyse and optimise this information into liquid equity portfolios.[20] The company's funds include UCITS-compliant vehicles.[21]

Assets under management

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Year AUM, Billion
USD$
1997[11] .05
2006[22] 4.3
2007[23] 11
2008[24] 15
2009[25] 6.3
2010[26] 6
2014[27] 18
2015[1] 22
2016[5] 25
2017[11] 29
2019[28] 39
2020[29] 43.8
2021[30] 55
2022[16] 64

References

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  1. ^ a b c Stevenson, Alexandra; Bray, Chad (9 September 2015). "K.K.R. Takes 24.9% Stake in Hedge Fund Marshall Wace". New York Times. No. DealBook. New York, N.Y., United States. The New York Times Company. p. B5. Retrieved 17 May 2019.
  2. ^ "British Minister Faces City's Wrath After Speech". New York Times. No. DealBook. United States. The New York Times Company. 23 September 2010. Retrieved 17 May 2019.
  3. ^ Stevenson, Alexandra; Goldstein, Matthew (16 July 2014). "Some Top Money Managers Push for Fed to Start Raising Interest Rates". New York Times. No. DealBook. United States. The New York Times Company. Retrieved 17 May 2019.
  4. ^ Werdigier, Julia (29 April 2013). "Financiers' Charity Gala Goes the Way of Canapés". New York Times. No. DealBook. United States. The New York Times Company. Retrieved 17 May 2019.
  5. ^ a b Fortado, Lindsay (9 December 2016). "Marshall Wace partners profit as performance fees jump". Financial Times. Nikkei. Archived from the original on 2022-12-11. Retrieved 17 May 2019.
  6. ^ Metcalf, Tom; Perlberg, Heather (16 April 2019). "KKR Strikes Hedge Fund Gold with British Millionaire Pair". Bloomberg News. Retrieved 10 June 2020.
  7. ^ "Marshall Wace LLP". Bloomberg. Retrieved 10 June 2020.
  8. ^ Fletcher, Laurence (2020-09-25). "Hedge fund Marshall Wace to open Singapore office". www.ft.com. Archived from the original on 2022-12-11. Retrieved 2020-10-08.
  9. ^ Brinded, Lianna. "The 13 richest hedge fund managers in Britain". Business Insider. Retrieved 2021-06-06.
  10. ^ "Company Overview of Marshall Wace LLP". Bloomberg. April 24, 2019.
  11. ^ a b c Fortado, Lindsay (23 April 2017). "Sir Paul Marshall, co-founder Marshall Wace, backing Brexit". Financial Times. Nikkei. Archived from the original on 2022-12-11. Retrieved 17 May 2019.
  12. ^ "Espirito Santo Still Haunting Portugal ETF". Yahoo! Finance. 6 August 2014. Retrieved 10 June 2020.
  13. ^ "Marshall Wace targets $1bn for new green hedge fund". Financial Times. Archived from the original on 2022-12-11.
  14. ^ a b Martin, Emily Gosden, Ben (2023-12-11). "Marshall Wace partners share £538m — down a quarter". ISSN 0140-0460. Retrieved 2023-12-11.{{cite news}}: CS1 maint: multiple names: authors list (link)
  15. ^ "Marshall Wace Long-Short Fund Reports Record Loss". www.bloomberg.com. Retrieved 2021-06-06.
  16. ^ a b Kumar, Nishant (2022-01-26). "Billionaire Paul Marshall's Hedge Fund Just Made This Historic Move on Value Stocks". www.bloomberg.com. Retrieved 2022-04-04.
  17. ^ "Contact". Marshall Wace LLP. Retrieved 22 April 2022.
  18. ^ "Hedge Fund Standards Board - Annual Report 2009" (PDF). Hedge Fund Standards Board. Retrieved 10 June 2020.
  19. ^ AIMA. "AIMA Council". www.aima.org. Retrieved 2021-06-06.
  20. ^ Morgensonjuly, Gretchen (15 July 2012). "Surveys Give Big Investors an Early View From Analysts". New York Times. No. DealBook. United States. The New York Times Company. p. A1. Retrieved 17 May 2019.
  21. ^ Ahmed, Azam (15 December 2010). "Paulson's New Highly Regulated Hedge Fund". New York Times. No. DealBook. United States. The New York Times Company. Retrieved 17 May 2019.
  22. ^ Mackintosh, James (13 November 2006). "Marshall Wace aims for €1.5bn listing". No. Financials. Financial Times. Nikkei. Archived from the original on 2022-12-11. Retrieved 18 May 2019.
  23. ^ Helen, Thomas (14 January 2007). "Marshall Wace co-founder defends methodology". No. Alphaville. Financial Times. Nikkei. Retrieved 17 May 2019.
  24. ^ Mackintosh, James (9 March 2008). "Marshall Wace raises €2bn for new fund". No. Financials. London: Financial Times. Nikkei. Archived from the original on 2022-12-11. Retrieved 17 May 2019.
  25. ^ Mackintosh, James (17 March 2009). "GLG Partners loses top spot in chart". No. Financials Services. Financial Times. Nikkei. Archived from the original on 2022-12-11. Retrieved 17 May 2019.
  26. ^ Jones, Sam (15 August 2010). "Marshall Wace investors poised to wind up listed fund". Financial Times. Nikkei. Archived from the original on 2022-12-11. Retrieved 17 May 2019.
  27. ^ Agnew, Harriet; Alloway, Tracy (25 April 2014). "Marshall Wace buys controlling stake in Eaglewood Capital". New York, N.Y., United States: Financial Times. Nikkei. Archived from the original on 2022-12-11. Retrieved 17 May 2019.
  28. ^ Fletcher, Laurence (27 February 2019). "Hedge fund Marshall Wace hits jackpot with bets on struggling trio". No. Financial Services. London: Financial Times. Nikkei. Archived from the original on 2022-12-11. Retrieved 18 May 2019.
  29. ^ Carpenter, Scott. "Hedge Fund Marshall Wace Will Bet On ESG Stocks With New $1 Billion Fund". Forbes. Retrieved 2020-11-24.
  30. ^ Fletcher, Laurence (2021-07-06). "Marshall Wace to make foray into investing in crypto sector". www.ft.com. Archived from the original on 2022-12-11. Retrieved 2022-02-03.
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