Thursday, 23 March 2017
Last updated 51 min ago
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.