Marshall Wace hired State Street Corp. as global custodian for the hedge fund’s newly launched ETF, according to Gavin Nangle, vice president and head of business development for State Street in Ireland.
The market-neutral ETF is the first absolute-return ETF managed by a specialist hedge fund manager to be introduced in Europe. The strategy essentially tracks an index based on the firm’s proprietary hedge fund strategies. In a previous interview, Anthony Clake, partner at Marshall Wace, said officials expect to initially raise at least $400 million. The firm’s ETF assets under management were not available at press time.
State Street has about $19 trillion in assets under custody or administration globally, of which about $240 billion is sourced from Ireland, where Marshall Wace’s ETF is domiciled.