Marshall Wace profits hit £39m
Profits at Marshall Wace, one of the City’s top hedge funds, have hit £38.58m – down 15 per cent on last year amid market turmoil.
The £4bn long-short equity fund, run by star traders Paul Marshall and Ian Wace, saw income from fees dip four per cent to £63.95m for the year to February, a period when some investors racked up major losses.
City A.M. understands, however, that Marshall Wace’s $400m (£255m) Global Opportunities Fund is up by around 28 per cent for the year to 30 November. It contrasts with some dire results elsewhere, with the average hedge fund down 4.37 per cent over the period, according to Hedge Fund Research. Yesterday it emerged that Louis Bacon’s Moore Global Investments fund fell 2.6 per cent in the year to 18 November while Fortress Investment Group’s flagship macro fund was down 10 per cent by late November, one investor said.