Monday, 30 November 2015
Last updated 2 days ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…