Saturday, 5 September 2015
Last updated 17 hours 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…