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Paul Marshall (investor)

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Sir
Paul Marshall
Marshall in 2023
Born
Paul Roderick Clucas Marshall

(1959-08-02) 2 August 1959 (age 65)
Ealing, London, England
EducationMerchant Taylors' School, Northwood
Alma materSt John's College, Oxford
INSEAD
OccupationHedge fund manager
Known forCo-founder of Marshall Wace Asset Management
SpouseSabina de Balkany
Children2, including Winston
RelativesPenny Marshall (sister)
AwardsKnight bachelor

Sir Paul Roderick Clucas Marshall (born 2 August 1959) is a British hedge fund manager and philanthropist. According to the Sunday Times Rich List in 2020, he had an estimated net worth of £630 million.[1] In 2024, he topped The Sunday Times Giving List, having donated £145.1 million over 12 months to various charities.[2]

Marshall was a member and donor of the Liberal Democrats, and in 2004 co-edited the influential Orange Book alongside a number of prominent Liberal Democrat politicians. In 2015 he left the party due to his support for Brexit, and subsequently donated to the Brexit campaign and the Conservative Party. His ownership of UnHerd and GB News led the New Statesman to name him as the seventeenth most powerful right-wing political figure in the UK in 2023.[3] The Financial Times described him as "an enthusiastic combatant in the UK’s own version of America's culture wars".[4]

He was knighted in the 2016 Birthday Honours for services to education and philanthropy.[5]

Early life and education

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Paul Roderick Clucas Marshall was born on 2 August 1959 in Ealing, London, England, the son of Alan Marshall, managing director, Philippine Refining Company (later Unilever Philippines), and Mary Sylvia Clucas, daughter of T. S. Hanlin.[6][7][8] His sister is the journalist Penny Marshall.[9]

When his parents moved to the Philippines and then South Africa for his father's job with Unilever, Marshall boarded at Merchant Taylors' School, in England. He boarded in the Manor of the Rose while at the school.[10]

From there he went to St John's College, Oxford, to read history and modern languages, and subsequently took an MBA from INSEAD business school in Fontainebleau, France.[11]

Career

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He is the co-founder and chairman of Marshall Wace LLP, one of Europe's largest hedge fund groups.[12] Marshall Wace[13] was founded in 1997 by Marshall and Ian Wace.[14] At the time, Marshall Wace was one of the first hedge funds in London.[10] The company started with $50 million, half of which was from George Soros.[10]

Funds managed by Marshall Wace have won multiple investment awards[15] and the company has become one of the world's leading managers of equity long/short strategies. Marshall Wace manages $50 billion and has recently[when?] opened an office in China.[16] Prior to founding Marshall Wace, Marshall worked for Mercury Asset Management, the fund management arm of S. G. Warburg & Co.

Marshall served as Lead-Non-Executive Director at the Department for Education with responsibility for the Union from 2013 to 2016.[17][18]

He is a member of the Hedge Fund Standards Board.

Political affiliations

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Liberal Democrats

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Marshall had a longstanding involvement with Britain's Liberal Democrats party.[19] He was a research assistant to Charles Kennedy, former leader of the Liberal Democrats in 1985 and stood for Parliament for the SDP–Liberal Alliance in Fulham in 1987. He has made appearances on current affairs programmes such as BBC Radio 4's Any Questions.[20][21]

In 2004, Marshall co-edited The Orange Book with David Laws. Chapters were written by various upcoming Liberal Democrat politicians including Nick Clegg, Chris Huhne, Vince Cable, Ed Davey and Susan Kramer (neither Clegg, Huhne nor Kramer were MPs at the time). Laws, describing the pair's ambition in publishing The Orange Book, wrote "We were proud of the liberal philosophical heritage of our party. But we both felt that this philosophical grounding was in danger of being neglected in favour of no more than 'a philosophy of good intentions, bobbing about unanchored in the muddled middle of British politics'"[22] The book attracted initial controversy when launched,[23][24] but both it and the term Orange Bookers to describe those sympathetic to its outlook continue to be frequently referenced to describe a strand of thought within the Liberal Democrats.[25][26]

Between 2002 and 2015, Marshall donated £200,000 to the Liberal Democrats.[10] He left the party in 2015 over its policies on the European Union and its support of continuing British membership.[10]

2016 EU referendum campaign

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Marshall was a public supporter of Brexit during the European Union membership referendum in 2016.[27] He gave a donation of £100,000 to the Leave campaign.[10]

Writing for BrexitCentral in April 2017 on the UK exiting the European Union, Marshall wrote: "This is a huge opportunity for the UK. Our ambition is that the UK should be a champion of free trade, open and outward looking to the world and built on strong institutions."[28] In an interview with the Financial Times, he said: "Most people in Britain do not want to become part of a very large country called Europe. They want to be part of a country called Britain."[10]

Conservative party and right-leaning media ownership

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In July 2016, Marshall donated £3,250 to Michael Gove's Conservative Party leadership campaign.[29]

In 2017, Marshall gave funding to the political news website UnHerd.[10]

In 2019, Marshall gave £500,000 to the Conservative Party.[30]

In 2020–21 Marshall invested £10 million into the political news and opinion channel GB News.[31][32] Following the resignation of Andrew Neil in September 2021, Marshall temporarily replaced him as chairman,[33][34] before being succeeded by Alan McCormick in April 2022.[35] In 2022–23, he invested a further £41 million to stem the company's £42 million loss in that year.[36][37]

Working with Jordan Peterson and Baroness Stroud, Marshall helped create Alliance for Responsible Citizenship, giving a keynote address at its first conference in October-November 2023.[38]

In February 2024 the advocacy group Hope not Hate called attention to an anonymous Twitter account linked to Marshall.[39][40][41] The group found that the account had liked tweets suggesting "mass expulsions" of immigrants and implying possible unrest "once the Muslims get to 15-20%". One of the account's own tweets, referring to an interfaith ceremony conducted in a French church, asserted that the Christian church "has its useful idiots".[42] Alan Rusbridger, former editor of The Guardian, said these "hateful 'likes' make him unfit to be a media mogul".[43] Ark Schools defended him in a statement after he was criticised by local Labour MP Sam Tarry.[41] A spokesperson for Marshall responded that "This sample [of tweets] does not represent his views". Every tweet and almost 300 likes were subsequently removed from his Twitter account.[42] Premier Christianity magazine quoted a friend who said that Marshall is "very repentant".[43]

In September 2024 he became the proprietor of The Spectator magazine, spending £100 million on the purchase.[44]

Philanthropy

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According to the Sunday Times Giving List in 2020, Marshall donated £106.8 million to charitable causes in 2019.[45] In the 2023 iteration of the Sunday Times Giving List, Marshall was listed as the fourth-highest donor, donating 8.36% of his wealth.[46]

Educational philanthropy

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Marshall was the founder, and chairs the board of trustees of the independent research institute the Education Policy Institute (EPI). For over a decade he was also chairman of the EPI's previous incarnation, think tank CentreForum.[47]

He is a founder trustee of children's charity ARK, and former chairman of Ark Schools, which is one of Britain’s leading providers of academies and has also played a pioneering role in developing new programmes for inner city education.[48] Other initiatives spun out of ARK include Future Leaders, Teaching Leaders, Maths Mastery, English Mastery, Science Mastery, Frontline and Now Teach. He is also a founding trustee of the charity Every Child a Chance.[49]

In April 2024, he stood down as chair and trustee of Ark Schools to focus on "other philanthropic and business commitments" after being accused of liking and sharing far-right extremist social media posts and conspiracy theories.[50][51] However, Ark Schools said he had "indicated earlier in the year his intention to step down from the Ark Schools Board".[52] He has remained a trustee of ARK.[53]

The Marshall Institute

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In April 2015, it was announced that Marshall would donate £30 million to the London School of Economics to establish The Marshall Institute for Philanthropy and Social Entrepreneurship, alongside Sir Thomas Hughes-Hallett.[54] Marshall and Hughes-Hallett had previously collaborated on the Philanthropy Review, where they identified a lack of comprehensive research into the efficacy of private contributions to public welfare.[55] Their vision was to create a “world-class centre of teaching” to fill that gap by advancing research into enhancing philanthropic impact, studying how charities can be more effective, and nurturing the next generation of philanthropic experts.[56]

In 2017, The Marshall Institute launched the world’s first MSc in Social Business and Entrepreneurship.[57]

In 2021, Marshall donated an additional £50 million to The Marshall Institute to establish The Marshall Impact Accelerator to “provide a new platform for scaling promising social ventures to help tackle global challenges.”[58]

Publications

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Marshall has written widely about education. In 2012, he edited a book on improving the education system called The Tail: how England's schools fail one child in five – and what can be done. Contributors included Labour MP Frank Field, Professor Chris Husbands of the Institute of Education and Stephen Machin of the London School of Economics. He is also co-author of Aiming Higher: a better future for England's schools with Jennifer Moses (2006), and author of Tackling Educational Inequality (with Sumi Rabindrakumar and Lucy Wilkins, 2007).[59]

Marshall's other publications include: The Market Failures Review (Editor – 1999), Britain After Blair (co-editor with Julian Astle, David Laws, Alasdair Murray) and Football and the Big Society (with Sam Tomlin, 2011).[59]

In 2020 he published 10½ Lessons from Experience: Perspectives on Fund Management,[60] a personal reflection on lessons learned from a career in fund management. The Times described the book as "a bit of a gem"[61] and a Bloomberg review welcomed its examination of cognitive bias, the use of data and systematic strategies by successful fund managers.[62] Marshall wrote, "Machines have not won yet. Machines typically do not fare well in a crisis. They are not good at responding to a new paradigm until the rules of the new paradigm are plugged into them by a human."

Personal life

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Marshall is married to Sabina de Balkany, a French national, who owns an antique shop on the King's Road in Chelsea.[10][63] Marshall is father of former Mumford & Sons band member Winston Marshall and musician Giovanna Marshall.[64]

He describes himself as a "committed Church of England Christian".[65] The Church Times describes him as "a key figure in Conservative Christian circles in the UK".[66] He was a founding member and donor of the St Mellitus College, and sits on the board of St Paul's Theological Centre.[66]

In 2017, he told the Financial Times in an interview that he had no intention of retiring.[10]

References

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  1. ^ Times, The Sunday (12 May 2019). "Rich List 2019: profiles 201-249=". The Times. ISSN 0140-0460. Retrieved 23 September 2019.
  2. ^ Rodrigues, Francisca Kellett | Nick (17 May 2024). "Paul Marshall is Britain's most generous man — but he doesn't want to talk about it". ISSN 0140-0460. Retrieved 17 May 2024.
  3. ^ Statesman, New (27 September 2023). "The New Statesman's right power list". New Statesman. Retrieved 14 December 2023.
  4. ^ "Paul Marshall, the financier turned media baron bankrolling GB News". Financial Times. 9 March 2024. Archived from the original on 9 March 2024. Retrieved 13 March 2024.
  5. ^ "No. 61608". The London Gazette (Supplement). 11 June 2016. p. B2.
  6. ^ Who's Who in Southern Africa, vol. 54, Ken Donaldson Ltd, 1959, p. 441
  7. ^ Economic Review, vol. 19, Economic & Industrial Publications, 1988, p. 89
  8. ^ "FamilySearch.org". FamilySearch.
  9. ^ The International Who's Who of Women 2002, third edition, ed. Elizabeth Sleeman, Europa Publications, p. 364
  10. ^ a b c d e f g h i j Fortado, Lindsay (23 April 2017). "Sir Paul Marshall, co-founder Marshall Wace, backing Brexit". Financial Times. Retrieved 23 September 2019.
  11. ^ "Every Child A Chance Trustees". 2 May 2009. Archived from the original on 2 May 2009. Retrieved 29 January 2018.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  12. ^ Paul Marshall of Marshall Wace. Movers and Shakers, The Times. 28 December 2009. Retrieved on 8 September 2014.
  13. ^ "Paul Roderick Clucas Marshall director information. Free company director check". www.cbetta.com. Retrieved 16 January 2020.
  14. ^ Computer system gives fund a route to the top. Business.timesonline.co.uk. 15 October 2005. Retrieved on 28 April 2012.
  15. ^ "HFM | Hedge fund data and intelligence". HFM | Hedge fund data and intelligence.
  16. ^ "Rich List 2019: profiles 201-249=". The Times. 12 May 2019. ISSN 0140-0460. Retrieved 23 September 2019.
  17. ^ "The Government's Lead Non-Executive's Annual Report | Financial Year 2013-14" (PDF). gov.uk.
  18. ^ "Sir Paul Marshall". GOV.UK. Retrieved 5 April 2024.
  19. ^ Personal finance news, how to make money, how to save money[dead link]. The Daily Telegraph. (31 May 2011). Retrieved on 28 April 2012.
  20. ^ Transcript: Any Questions? 22 February 2008, Radio 4. BBC. Retrieved on 28 April 2012.
  21. ^ Transcript: Any Questions? 10 February 2006 Archived 12 November 2012 at the Wayback Machine. Radio 4. BBC. Retrieved on 28 April 2012.
  22. ^ Sanderson-Nash, Emma (2012). "THE ORANGE BOOK - TURNING RIGHT OR CHANGING GEARS?: iea economic afairs". Economic Affairs. 32 (2): 11–16. doi:10.1111/j.1468-0270.2012.02148.x. S2CID 154068780.
  23. ^ "Lib Dem 'lurch to right' warning". BBC News. 21 September 2004. Retrieved 12 July 2012.
  24. ^ "'Voters will turn to us next' says poll strategist". The Daily Telegraph. 22 September 2004. Retrieved 12 July 2012.
  25. ^ Dunt, Ian (23 June 2010). "Clegg needs to ride the storm". Politics.co.uk.
  26. ^ Callus, Greg (28 April 2010). "Could a minority government deal be done?". Channel 4 News.
  27. ^ "Hedge fund managers Crispin Odey and Paul Marshall say Brexit would help London". Reuters. 30 April 2016 – via www.reuters.com.
  28. ^ "How Prosperity UK is grappling with the practical challenges and opportunities of Brexit". BrexitCentral. 19 April 2017. Retrieved 23 September 2019.
  29. ^ Hughes, Solomon (24 January 2018). "A Millionaire Who Funded Brexit Made a Killing as Carillion Crashed". Vice. Retrieved 23 September 2019.
  30. ^ "Search - the Electoral Commission".
  31. ^ Kleinman, Mark (31 December 2020). "City tycoon Marshall tunes into £60m GB News fundraising". Sky News. Retrieved 1 January 2021.
  32. ^ Kleinman, Mark (6 January 2021). "GB News seals £60m funding ahead of 'boldly different' launch". Sky News. Retrieved 6 January 2021.
  33. ^ Waterson, Jim (18 September 2021). "Behind the scenes of Andrew Neil's departure from GB News". The Guardian. Retrieved 26 December 2021.
  34. ^ Butterworth, Benjamin (21 September 2021). "Andrew Neil will not appear again on GB News despite promised return as a 'regular contributor'". i. Retrieved 26 December 2021.
  35. ^ Tobitt, Charlotte (25 April 2022). "New GB News chairman says channel should feel 'sincerely flattered' by TalkTV launch". Press Gazette. Retrieved 26 April 2022.
  36. ^ "GB News owner pumps in further £41mn in funding as losses widen". Financial Times. Archived from the original on 5 March 2024. Retrieved 6 March 2024.
  37. ^ "GB News posts £42m loss but grows online audience". BBC News. 5 March 2024. Retrieved 6 March 2024.
  38. ^ Earle, Samuel (28 October 2023). "Loud and uncowed: how UnHerd owner Paul Marshall became Britain's newest media mogul". The Guardian. ISSN 0261-3077.
  39. ^ "Paul Marshall, the financier turned media baron bankrolling GB News". Financial Times. Archived from the original on 9 March 2024.
  40. ^ Bland, Archie (26 February 2024). "Sunak, his media allies – maybe even Lee Anderson – know Sadiq Khan is no Islamist. This is tactical racism". The Guardian. ISSN 0261-3077.
  41. ^ a b "Ark stands by chair Marshall over social media activity". Schools Week. 26 February 2024.
  42. ^ a b Davis, Gregory (22 February 2024). "Revealed: The Shocking Tweets of GB News Co-owner Sir Paul Marshall". Hope not Hate.
  43. ^ a b Tomlinson, Heather (29 February 2024). "The Christian faith of billionaire media mogul Sir Paul Marshall". Premier Christianity.
  44. ^ Nelson, Fraser (10 September 2024). "FraserNelson X status". X.com. Retrieved 10 September 2024.{{cite web}}: CS1 maint: url-status (link)
  45. ^ Griffiths, Alastair McCall and Sian. "Sunday Times Giving List 2020: Stormzy breaks new ground". The Times. ISSN 0140-0460. Retrieved 9 October 2020.
  46. ^ Rodrigues, Nick (5 April 2024). "He donates £2.1 million a day. Meet the UK's most generous man". The Times. ISSN 0140-0460. Retrieved 5 April 2024.
  47. ^ "£1 million boost for Lib Dem think tank" – The Times, 28 June 2005
  48. ^ Hedge fund star: My plan to turn round London schools Evening Standard. 7 March 2011. Retrieved 12 July 2012
  49. ^ "Every Child a Chance Trust, registered charity no. 1122108". Charity Commission for England and Wales.
  50. ^ "Sir Paul Marshall steps down from Ark Schools board". 15 April 2024.
  51. ^ "Sir Paul Marshall steps down as Ark Schools chair | Tes". www.tes.com. Retrieved 19 April 2024.
  52. ^ "Tina Alexandrou appointed as Chair of Ark Schools". 15 April 2024. Retrieved 8 May 2024.
  53. ^ "Absolute Return for Kids (ARK)". Charity Commission for England and Wales. Retrieved 8 May 2024.
  54. ^ "LSE announces The Marshall Institute for Philanthropy and Social Entrepreneurship". LSE. Archived from the original on 29 April 2015. Retrieved 27 April 2015.
  55. ^ Marshall Institute, London School of Economics and Political. "Founders". London School of Economics and Political Science. Retrieved 5 April 2024.
  56. ^ Social entrepreneurship institute to open in London Financial Times, 25 April 2015
  57. ^ "Hedge fund tycoon Paul Marshall pledges GBP50 million for LSE social impact initiative". Hedgeweek. 3 November 2021. Retrieved 5 April 2024.
  58. ^ May, Melanie (3 November 2021). "LSE's Marshall Institute to launch £50m social impact accelerator". UK Fundraising. Retrieved 5 April 2024.
  59. ^ a b Tackling educational inequality. CentreForum.org. Retrieved on 28 April 2012.
  60. ^ Marshall, Paul (2020). 10½ Lessons from Experience: Perspectives on Fund Management (Mainition ed.). Profile Editions.
  61. ^ Hosking, Patrick. "'Buffett isn't Sharpe enough for City job'". The Times. Retrieved 3 August 2020.
  62. ^ Gilbert, Mark (16 July 2020). "Hedge Fund Titan Sees a Quantamental Future". Bloomberg.com. Retrieved 3 August 2020.
  63. ^ Turvill, William (19 February 2024). "City grandee out to gatecrash The Spectator's party". The Times. ISSN 0140-0460. Retrieved 19 February 2024.
  64. ^ "M meets... Giovanna - M Magazine". m-magazine.co.uk. 29 November 2011. Retrieved 29 January 2018.
  65. ^ Waterson, Jim (14 May 2024). "How faith drives bidder for Telegraph who wields growing influence on Tories". The Guardian. ISSN 0261-3077. Retrieved 15 May 2024.
  66. ^ a b "Millionaire church financier deletes right-wing posts". Church Times. Retrieved 13 March 2024.
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Media related to Paul Marshall (investor) at Wikimedia Commons

Media offices
Preceded by Chairman of GB News
Acting
2021–2022 		Succeeded by
Alan McCormick
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