Wednesday, 28 September 2016
Last updated 2 hours ago
Dec 6 2012 | 11:30am ET
Marshall Wace Asset Management saw its profit soar 20% last year, on better performance and higher fee income.
The London-based hedge fund said its pre-tax profits for the year ended in February 2012 rose to £47.3 million from £39.4 million in the year-earlier period. Performance fee income jumped 10% to £60.6 million, as two of its hedge funds enjoyed double-digit returns over the period.
Assets under management also rose, by more than 30% to US$7.7 billion.
Staff costs rose, primarily due to performance bonuses, by 19% to £28.4 million. Marshall Wace's 13 partners, led by Paul Marshall and Ian Wace, split £6.2 million of the profits.