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Marshall Wace set to enter ETF market

Marshall Wace is set to launch a publicly listed exchange traded fund to track its Tops fund strategy.

According to reports, the vehicle will be listed on both the London and Frankfurt exchanges and will look to raise in excess of £300m. The fund will track the holdings of the six existing Marshall Wace Top hedge fund strategies.

The launch is seen as a way to rebuild the European hedge fund’s asset base, which has fallen from £9.7bn in early 2008 to £3.1bn. Marshall Wace expects the ETF to return 8 to 10 per cent per annum.

In addition to the 0.25 per cent running cost of the ETF, the underlying structure has a 1.5 per cent annual charge and a 20 per cent performance fee.

The traded optimised portfolio system strategy was formed in 2001 by Anthony Clarke and Ian Wace, the co-founder of the firm. The system takes buy and sell recommendations from hundreds of brokers on a daily basis.

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