UK hedge-fund group Marshall Wace will raise up to $1.93 billion in a planned listing of a new closed-end company on Euronext Amsterdam in w...

UK hedge-fund group Marshall Wace will raise up to $1.93 billion in a planned listing of a new closed-end company on Euronext Amsterdam in what would be the world's largest public offering of a hedge-fund vehicle.

The new company, MW TOPS, will invest in two of Marshall Wace's hedge-fund strategies, which have only been available through offshore vehicles and to investors with at least $500,000 to invest.

It is targeting annual returns, net of fees and expenses, of between 12 and 16 per cent.

Marshall Wace has around $7.5 billion in assets under management, placing it in Europe's top 10 hedge fund managers.

TOPS stands for Trade Optimized Portfolio System, which collects, ranks and acts upon investment ideas submitted to the firm by brokers. The brokers with the winning ideas receive quarterly commissions.

The new company will be chaired by Sir Andrew Large, a former deputy governor of the Bank of England.