Marshall Wace
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Marshall Wace LLP is a British hedge fund headquartered in London, England, founded by Paul Marshall and Ian Wace in 1997.[1] Marshall serves as chairman and chief investment officer, and Wace as a chief executive officer & chief risk officer.[2] The company is recognised as one of the world's largest hedge fund managers.[3][4]
History
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.[5] 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.[6]
In August 2014, Marshall Wace made $36 million from going short on the collapse of the Portuguese bank Banco Espírito Santo.[7]
In 2015 Kohlberg Kravis Roberts agreed to buy a 24.9 percent stake in Marshall Wace.[8]
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.[9]
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.[10] Profits amounted to £538 million which was shared between 26 partners of the company.[10]
Operations
Marshall Wace manages several long-short equity funds.[11]
The firm manages more than $64 billion as of January 2022 and operates from fund management offices in London, New York, Hong Kong, Shanghai, and Singapore.[12] The head office in London is situated on Sloane Street.[13]
The company is a founding member of the Hedge Fund Standards Board (HFSB)[14] and a member of the Alternative Investment Management Association (AIMA).[15]
Products
Marshall Wace runs a proprietary alpha capture system TOPS (Trade Optimised Portfolio System), which polls the investment ideas of equity sell-side practitioners (generalists, sector specialists, strategists, and economists) around the world and uses algorithms to analyse and optimise this information into liquid equity portfolios.[16] The company's funds include UCITS-compliant vehicles.[17]
| Year | AUM, Billion USD$ |
|---|---|
| 1997[6] | .05 |
| 2006[18] | 4.3 |
| 2007[19] | 11 |
| 2008[20] | 15 |
| 2009[21] | 6.3 |
| 2010[22] | 6 |
| 2014[23] | 18 |
| 2015[8] | 22 |
| 2016[24] | 25 |
| 2017[6] | 29 |
| 2019[25] | 39 |
| 2020[26] | 43.8 |
| 2021[27][28][29][30] | 54.2 |
| 2022[27][28][29][30] | 44.5 |
| 2023[27][28][29][30] | 59 |
| 2024[27][28][29][30] | 82.1 |
References
External links
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