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☆ How $65 billion Marshall Wace is turning into the hedge funds it's criticized
▼ + stars: | 2024-05-09 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

There's a split internally at $65 billion Marshall Wace. The 27-year-old London-based hedge fund, founded by Paul Marshall and Ian Wace, has prided itself on its collaborative culture. Multi-strategy mightThe culture shift at Marshall Wace is just the latest ripple effect to come from the vast expansion of power, assets, and clout of the largest multi-strategy hedge funds. For Marshall Wace, that looks like a charge that can be up to 0.75% of the $22.4 billion Eureka fund's value — more than $150 million — on top of the set management fees and variable performance fees the firm already charges. A person close to the firm said that certain people still have access to aggregated positions, but the restriction helps Marshall Wace manage "complexity and confidentiality" as the manager continues to grow.

Persons: Marshall Wace, Paul Marshall, Ian Wace, Marshall, George Soros, It's, Marshall Wace's, You've, Dan Schatz, Ruchit, Jaime Brandwood, Derek Rosenthal, Marshall's Organizations: Business, BNP, Eureka, Citadel, Ruchit Puri Locations: London, Citadel, New York, Singapore, Shanghai, Hong Kong, Eureka

☆ $2 billion Gladstone could be on the 'verge of significant AUM growth.' A look inside the British hedge fund's short-selling focus and past big bets.
▼ + stars: | 2024-04-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Gladstone, a London-based equity hedge fund with $2 billion in assets, is set to expand. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAfter years of conservative growth and cautious maneuvering, $2 billion Gladstone could be set for a serious expansion. The British stock-picking hedge fund, founded in 2005 by former Lansdowne investor George Michelakis, believes it is on the "verge of significant AUM growth," a person close to the firm told Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: Gladstone, Marshall Wace, Daoud Zekrya, —, Lansdowne, George Michelakis Organizations: Service, Gladstone, Business Locations: London

☆ An old hedge-fund strategy is taking off again. Why hedge funds from multi-strats to new launches are ramping up their alpha capture efforts.
▼ + stars: | 2024-03-07 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

Alpha capture strategies take inputs from sources like human traders, market data, sell-side research, and more and then use a systematic process to create a portfolio that is efficiently sized and hedged. CenterBook uses trading data from dozens of external firms to create its portfolios, while Norias will create its book off the ideas of its fundamental analysts. Meanwhile, Man Group is building out an alpha capture team within its AHL unit's special strategies team, a recent job posting states, and Squarepoint is doubling its team, finding external managers for its buy-side alpha capture program. "It is a way for them to increase their capacity and take in more assets," said Kevin Lyons, senior investment manager at Abrdn, about the largest platforms growing their internal alpha capture capabilities. AdvertisementThe alpha capture OGIt can all be tied back to the success of the original mainstream alpha capture strategy: Marshall Wace's TOPS, which stands for Trade Optimized Portfolio System.

Persons: —, Marshall Wace, Doug Haynes, Norias, Basil Qunibi, Squarepoint quant Warren Touwen, Merrill Lynch, Squarepoint, Touwen, Kevin Lyons, Marshall, Anthony Clarke, Cameron Hight, Hight, it's, headhunter Organizations: Service, Business, CenterBook Partners, Research, Investors, AHL, TOPS Locations: Austin, Abrdn, London

☆ A hedge fund exec is funding hunts for treasures in shipwrecks at the bottom of the ocean
▼ + stars: | 2023-11-18 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

A 43 year-old hedge fund exec was revealed as one of the world's leading deep-sea treasure hunters. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA hedge fund executive has been unmasked as one of the world's leading deep-sea shipwreck hunters after a Bloomberg Businessweek investigation uncovered his decades-long hunt for sunken treasure worth billions. Marshall Wace is one of the world's biggest hedge funds, managing assets worth about $62 billion. AdvertisementThe technology has allowed wealthy individuals like Clake to fund exploration of the seabeds.

Persons: —, Anthony Clake, Marshall Wace, He's, Clake Organizations: Service, Bloomberg Businessweek, Bloomberg, SS, Colombian, US, Business Locations: London, American, South Africa, Africa, Spanish, Colombian, Bolivian, San

☆ Investors increase holdings of weight-loss drug makers’ shares in Q3 -filings
▼ + stars: | 2023-11-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 14 (Reuters) - Some big investors showed increased appetite for weight-loss drug makers in the third quarter, piling in to shares of Eli Lilly (LLY.N) and Novo Nordisk amid growing demand for their product, securities filings showed on Tuesday. Shares of Eli Lilly rose 14.5% in the third quarter and are up 67% this year. Some investors also bought more American Depositary Receipts of Novo Nordisk, including Fidelity Investments, Lazard Asset Management, T Rowe Price and Soros Fund. Novo Nordisk on Saturday presented data showing that the heart protective benefits of Wegovy are not solely due to weight loss, which could make it easier for healthcare insurance reimbursement in the future. Still, other investors trimmed their exposure to Eli Lilly, such as Wellington Management Group, California Public Employees Retirement System and Bridgewater Associates.

Persons: Eli Lilly, Eli Lilly's Mounjaro, JPMorgan Chase, Eli Lilly's, Rowe Price, Marshall Wace, LSEG, “ Stocks, ”, Vincent Aita, Carolina Mandl, Ira Iosebashvili, Matthew Lewis Organizations: Novo Nordisk, Novo, JPMorgan, Vanguard, Sigma, Tiger Global Management, Coatue Management, U.S . Food, Drug Administration, Novo Nordisk's Wegovy, Bank of America, Fidelity Investments, Lazard Asset Management, Soros Fund, Wellington Management Group, California, Bridgewater Associates, Marshall, Renaissance Technologies, Capital Management, Pfizer, Carolina, Thomson Locations: BlackRock, U.S, New York

☆ Summer is fading. But performance in August was hot at hedge funds including Citadel, D.E. Shaw, Millennium, and Sculptor
▼ + stars: | 2023-09-07 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Most managers posted positive performance, Sculptor and Citadel led the way. Shaw (+1.3%) also had strong performance. Multi-strategy fund managers remain as popular as ever. "Clearly right now the multi-strategy managers are very much in vogue. Here's how other top multi-strategy players stacked up after August:Fund August performance Year-to-date performance Sculptor Multi-Strategy 2.8% 12.6% Citadel Wellington 2% 10.8% Point72 0.83% 6.6% D.E.

Persons: Shaw, Ken Griffin, Here's, Marshall Wace Eureka Organizations: Citadel, Financial Times, Capital, Wellington Fund, Citadel Wellington, Shaw Locations: Wellington

☆ Hedge fund performance in July was muted. But Citadel distanced itself from Point72, Millennium, and other competitors.
▼ + stars: | 2023-08-04 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Top multi-strategy hedge funds trailed the stock market in July. Citadel led the pack, gaining 1.3% last month and pushing its 2023 tally to 8.6%. Verition bested most of its peers, gaining 1.2% in July. The world's largest hedge funds, meanwhile, posted more muted gains. Among its multi-strategy hedge fund peers, Ken Griffin's $59 billion Citadel remains second to none, gaining 1.3% in July in its flagship Wellington fund.

Persons: Verition, Ken Griffin's, It's, Marshall Wace Eureka Organizations: Citadel, Citadel Wellington, Hudson, International, Representatives Locations: Wellington

FALLING STARWhen Odey set up Odey Asset Management, it was in the afterglow of then British Prime Minister Margaret Thatcher's deregulation of the stock market in London's 1986 "Big Bang". Privately educated at the elite Harrow school, Odey left Oxford University and began his career in traditional asset management before launching Odey Asset Management. But fund performance at Odey Asset Management has been a rollercoaster, with Odey renowned for taking risks. He liked to say leverage was like a drug - once you experienced it, you could never live without it, one hedge fund manager said. Lawmakers on Britain's Treasury Select Committee have written to the FCA to question the regulator's supervision of Odey Asset Management and Odey.

Persons: Crispin Odey, Odey, Banks, Robert Sears, CIOs, Don Steinbrugge, Margaret Thatcher's, Egerton Capital, Marshall Wace, Winton, Kwasi Kwarteng, Maiya Keidan, Nell Mackenzie, Iain Withers, Lawrence White, Dhara Ranasinghe, Elisa Martinuzzi, Alex Richardson Organizations: TORONTO, Reuters, Odey Asset Management, FT, Tortoise Media, Odey, Management, Britain's Financial, Authority, Generation Partners, Odey's, HSBC, Inc, Wall Street, Agecroft Partners, British, Harrow, Oxford University, Conservative Party, Barclays, Peugeot, Hong Kong, Lawmakers, FCA, Thomson Locations: LONDON, City, London, Toronto

☆ How Citadel, Millennium, D.E. Shaw, and Other Hedge Funds Fared in May
▼ + stars: | 2023-06-07 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

This year, it remains the top-performing multistrategy fund, just ahead of Steve Cohen's Point72. Here's how multistrategy hedge fund giants fared in May, from Citadel to Millennium. Billionaire Ken Griffin's Citadel continues to lead the competitive multistrategy hedge fund performance race this year, despite being bested for the month of May by Izzy Englander's hedge fund. Returns are still rolling out, but the major hedge fund players did not see major movements within their flagship funds. In other hedge fund news: London-based hedge fund Marshall Wace's Eureka flagship fund, an equity fund managed by founder Paul Marshall, climbed 1.74% in May and is up 1.70% year to date.

Persons: Ken Griffin's, Steve Cohen's Point72, Ken Griffin's Citadel, Izzy Englander's, Marshall, Paul Marshall Organizations: Millennium, Point72, Wellington, Nvidia, Tactical Trading Locations: Citadel, Wellington, Miami, London

The S&P Regional Banking Index fell approximately 25% during the quarter as a run on deposits sank Silicon Valley Bank and Signature Bank in March, both of which were at the time the largest banking failures since the Great Financial Crisis. The S&P Regional Banking index is now down 36% for the year to date. Famed "Big Short" investor Michael Burry's Scion Asset Management, meanwhile, added a number of new positions in regional banks, including stakes in First Republic, PacWest (PACW.O) and Western Alliance Bancorp (WAL.N). Shares of regional banks have remained volatile in recent weeks, with some investors wary of more tumult to come in the sector. London-based Marshall Wace sold 51,300 shares of First Republic in the first quarter, closing its position in the bank.

REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

Big hedge funds including Marshall Wace and Odey Asset Management added to short positions against Europe's banks, regulatory filings seen by Reuters and data from Breakout Point showed. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. The banks included BAWAG (BAWG.VI), FinecoBank (FBK.MI), Handelsbanken (SHBa.ST), CaixaBank (CABK.MC), NatWest Group (NWG.L) and PKO Bank Polski (PKO.WA). BNP Paribas shares fell by as much as 12% on Wednesday before recovering to show a loss of 9%, while Deutsche Bank shares fell almost 9%. In the week to Wednesday, some 120 billion euros ($126 billion) had been wiped off the value of European bank shares.

☆ IAG takeoff weighed down by debt dilemma
▼ + stars: | 2023-02-24 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

Its $11 billion net debt pile, a legacy of an epic collapse in revenue during the pandemic, is tangibly more than its $9.4 billion market capitalisation. While Friday’s 2022 results showed operating profit of only 1.22 billion euros, well below the 3.3 billion euros it delivered in 2019, the last few years have seen big operating losses. Operating profit could be as high as 2.3 billion euros in 2023, according to company forecasts. More holidaymakers mean revenue last year was over 23 billion euros, compared to less than 8.5 billon euros in 2021. IAG announced an operating profit of 1.22 billion euros for 2022 and forecast 2023 operating profit in the range of 1.8 billion euros to 2.3 billion euros.

☆ CNBC Pro Talks: Veteran investor Mark Hawtin talks tech, Tesla and calling the bottom
▼ + stars: | 2023-02-21 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +3 min

After a brutal year for growth investors, Mark Hawtin of GAM Investments will join Pro Talks to discuss the outlook for tech stocks and when he sees the market hitting the bottom. Hawtin, investment director of the Swiss asset management firm, will speak with CNBC's Karen Tso to share his thoughts on investor favorites such as Tesla , Big Tech stocks, and the companies he expects to grow despite a downturn. Click here to watch CNBC Pro Talks live on Wednesday, February 22 at 12 p.m. GMT / 8 p.m. SGT / 7 a.m. See more from our previous Pro Talks: Fund manager names two U.S. stocks he thinks might not survive 2023 Thinking of jumping back into Big Tech? Click here to watch CNBC Pro Talks live on Wednesday, February 22 at 12 p.m. GMT / 8 p.m. SGT / 7 a.m.

☆ A prominent UK cybersecurity stock is under attack from short sellers. Here's what you need to know
▼ + stars: | 2023-02-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Omar Marques | SOPA Images | LightRocket via Getty ImagesCybersecurity company Darktrace , one of the U.K.'s most prominent tech names, has found itself under attack from short sellers. Short selling is a strategy in which investors bet on the price of a stock going down in value. Darktrace, one of the U.K.'s largest cybersecurity companies, was founded in 2013 by a group of former intelligence experts and mathematicians. "This has been, and remains, a very small part of Darktrace's marketing and the costs of them over the last five years has consistently been substantially below 0.5% of Darktrace's revenue," Darktrace added. The Lynch connectionIt's worth noting that, even before the QCM report, there were clouds hanging over Darktrace's business.

Still, hedge funds piled into Shaw, betting the deal would go ahead. But now, together, the 12 hedge fund firms have made hundreds of millions over the nearly two-year period between Mar. POPULAR TRADEThe 12 hedge fund firms together owned 7.05% of Shaw's shares, or 33.6 million shares, according to Refinitiv Eikon data. Millennium, for example, is a multi-strategy firm - meaning it operates different hedge fund strategies. If the competition bureau had prevailed, analysts had predicted Shaw shares would have dropped to the pre-bid level of C$23, pointing to steep losses for the hedge funds.

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