Marshall Wace Investors Vote On Listed Fund

Aug 18 2010 | 2:01pm ET

The first-even listed single-manager hedge fund’s days are likely number. Investors in Marshall Wace Asset Management’s MW Tops fund voted Monday on the London-based firm’s proposal to shutter the vehicle and move its assets to a UCITS III-compliant, but unlisted, hedge fund it runs.

The majority of the fund’s shareholders are believed to be in favor of the plan, the Financial Times reports, with 75% approval needed. The fund manages £200 million, and if the plan is approved, the transfer could come as soon as October.

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 has still struggled with the discount, which has averaged 9.4% over the past year.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.