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

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.