Monday, 27 June 2016
Last updated 2 hours ago
Oct 30 2013 | 11:50am ET
Marshall Wace Asset Management is getting into the peer-to-peer lending business.
The hedge fund has bought a controlling stake in Exchange Associates, which is planning to launch a closed-end fund offering investors exposure to P2P programs, it said yesterday. Terms of the deal were not disclosed.
Exchange Associates hopes to list the fund on the London Stock Exchange "in coming months," it said in the joint statement.
Marshall Wace bought the stake from investment bank Liberum Capital.
P2P lending "has the potential to transform consumer and small-to-medium enterprise lending practices worldwide," Marshall Wace's Michael Sargent said.