Exchange-traded fun

18 January 2010 By Neil Unmack Follow @unmack1

The European hedge fund is launching an exchangetraded fund that will mimic its main investment strategy. The move allows Marshall Wace to broaden its reach. But investors can withdraw cash as quickly as they invest it. ETFs will only work with a handful of trading styles.

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Marshall Wace, the European hedge fund manager, is launching an exchangetraded fund that will invest in largecap stocks. The fund will use Marshall Wace's TOPS investment strategy, which analyses sellside stock recommendations.

Exchangetraded funds allow investors to take exposure to a specific assets class, such as bonds or stocks, typically by passively tracking a specified index.

Marshall Wace says its fund is the first marketneutral equity ETF, and the first run by European hedge fund manager.

Deutsche Bank last year launched a fund of hedge fund ETF, which now totals about $1.1 billion.

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