Marshall Wace To Close Pioneering Listed Hedge Fund

Jun 11 2010 | 12:07pm ET

Marshall Wace Asset Management is ready to pull the plug on its MW Tops fund, the first-ever listed single-manager hedge fund.

The London-based firm will ask shareholders next month to approve plans to fold the Euronext-listed fund and move its assets into an unlisted, but UCITS III-compliant, hedge fund. If 75% of the investors approve the move, Marshall Wace will liquidate the fund and roll its assets into its €104.2 million MW Developed Europe Tops Fund.

Pending that approval, the transfer could be completed as soon as October, Investment Week reports.

MW Tops debuted to great fanfare in December 2006, garnering well over US$1 billion in assets. But the fund suffered from a chronic discount to net asset value, and in October 2008, Marshall Wace gave investors an out, one of which 84% took advantage. Since then, the much-reduced fund—it now manages £130 million—has still struggled with the discount, which has averaged 9.4% over the past year.

“The vote to transfer is an example of Marshall Wace putting the interests of its investors first,” a spokesman for the firm said.


In Depth

Hedge Fund Veteran Peter Borish Talks Trading

Dec 17 2014 | 9:32am ET

Peter Borish says 2014 was “tricky” from a trading perspective. “The best...

Lifestyle

Cohen Donates $1.5M To GOP Governors Association

Dec 10 2014 | 7:13am ET

The Republican Governors Association raised close to $25 million from October 1...

Guest Contributor

Q&A With Daniel Gallancy: Institutional Interest In Bitcoin Is Growing Steadily

Dec 12 2014 | 7:54am ET

Daniel Gallancy is founder and CEO of SolidX, a provider of total return swaps for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.