Marshall Wace Drops Citi For Citco

Feb 23 2012 | 5:04am ET

One of the world's most prominent hedge funds is changing administrators.

Marshall Wace Asset Management will transfer its US$6 billion in assets from Citigroup's Hedge Fund Services arm, which has handled the London-based firm's funds for 14 years, to Citco Fund Services. According to HFMWeek, the switch from Citi was not based on that firm's performance.

Instead, Marshall Wace hoped to "test the state of the market" when it decided last year to look at other administrators. "In the middle of last year we spoke to directors and thought that, given the pressure on prices and technological developments in the admin market, it was sensible to put out a request-for-proposal."

Marshall Wace investors have not yet been informed of the change, expected to be completed by April.

Citco is the world's largest hedge fund administrator with more than US$500 billion in assets under administration.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    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…