Marshall Wace Opens Its Kimono

Dec 8 2006 | 3:14pm ET

London-based hedge fund Marshall Wace has raised €1.5 billion ($2 billion) in the initial public offering of its MW Tops Ltd, a Euronext-listed vehicle, for €10 per share.

MW Tops will invest in the firm’s Marshall Wace Tops Fund Opportunistic, which returned 15.1% in the first 10 months of the year, and the Marshall Wace Tops Fund Fundamental, which gained 13.3%, according to the firm.

The publicly-listed fund, which targets annual returns of between 12% and 16% annually after fees and expenses, will charge investors an initial fee equal to 1% of their investment and an annual management fee of 2%. MW Tops will also take one-fifth of all profits.

Marshall Wace, founded in 1997 by Paul Marshall and Ian Wace, manages some $10 billion.

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