Ian Wace

Last updated

Ian Wace
Ian Wace, Chief Executive, ARK, speaking at the GAVI pledging event in London.jpg
Wace in 2011
BornJanuary 1963 (age 61)
NationalityBritish
OccupationFinancier
Known forCo-founder and CEO of Marshall Wace Asset Management
Spouse(s)
Joanne Wace
​
(died 1994)​

Fiona Hardy
​
​
(m. 1996;div. 2010)​

​
(m. 2012)​
Children4 (2 deceased)
Relatives Charles Wace (brother)

Ian Gerald Patrick Wace (born January 1963) is a British financier who co-founded Marshall Wace Asset Management, a London-based hedge fund with Paul Marshall in 1997. [1] He and Marshall, along with another hedge fund manager Arpad Busson, co-founded a children's non-profit, Absolute Return for Kids (ARK) in 2001. [2]

Contents

Early life

Ian Gerald Patrick Wace was born in January 1963. [3] His brother Charles Wace is CEO of global television production company Twofour Group.[ citation needed ] He does not have a college degree; Institutional Investor called him "perhaps the only person without a college degree to ever qualify for the Rich List". [4]

Career

Wace worked for 11 years at S. G. Warburg & Co., where he became its youngest director ever, at age 25. Rising steadily through the ranks, he was appointed head of European equity sales in 1988, head of proprietary trading in 1993, and head of international trading in 1994. In 1995, he joined Deutsche Morgan Grenfell as its head of equity and derivative trading. [5]

In 1997, he and Paul Marshall co-founded the hedge fund Marshall Wace, which they continue to run together; Wace is the CEO and chief risk officer, and Marshall is the chairman and chief investment officer. [6] In September 2015, they announced a long-term strategic partnership with the private equity firm Kohlberg Kravis Roberts (KKR), which acquired a 24.9% stake in Marshall Wace, which they increased to 29.9% in November 2017. [7]

In 2016, Institutional Investor named Marshall Wace the "best-performing hedge fund in 2015", which manages $22 billion in client money. [8]

According to The Sunday Times Rich List in 2020, Wace is worth £630 million. [9]

Political activity

Wace donated £300,000 to the Conservative Party in the 2019 United Kingdom general election. [10]

Personal life

In September 1994, Wace watched his family killed in a road crash in Hampshire. His first wife Joanne, 34, and their two children, four-year-old son Guy and 11-month daughter Alicia were killed. [2] [11] [12] [13] He married Fiona Hardy two years later and had two children Claudia and Luke; they split in 2010. [14] [15] In 2012, he married the model Saffron Aldridge. [16] [17]

In June 2017, he purchased Tanera Mòr, the largest of the Summer Isles off the northwest highlands of Scotland, for £1.7 million, far less than the £2.5 million asking price when it was put on the market in 2013. Wace will oversee a four-year development to Tanera Mòr, which could become an "idyllic retreat capable of hosting up to 60 paying guests". [18] [9]

In 2001, he joined with his partner Paul Marshall and Arpad Busson, another hedge fund manager, to try to address the plight of Romanian orphans in 2001. [2] They founded Absolute Return for Kids (ARK), a children's non-profit. [19]

Related Research Articles

A hedge fund is a pooled investment fund that holds liquid assets and that makes use of complex trading and risk management techniques to improve investment performance and insulate returns from market risk. Among these portfolio techniques are short selling and the use of leverage and derivative instruments. In the United States, financial regulations require that hedge funds be marketed only to institutional investors and high-net-worth individuals.

<span class="mw-page-title-main">Kohlberg Kravis Roberts</span> American investment manager

KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company. As of December 31, 2023, the firm had completed private equity investments in portfolio companies with approximately $710 billion of total enterprise value. As of December 31, 2023, assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.

<span class="mw-page-title-main">Marshall Wace</span> UK hedge fund company

Marshall Wace LLP is a British hedge fund headquartered in London, England, founded by Paul Marshall and Ian Wace in 1997. Marshall serves as chairman and chief investment officer, and Wace as a chief executive officer & chief risk officer. The company is recognised as one of the world's largest hedge fund managers.

André Arpad Busson is a French hedge fund manager, investor, and philanthropist. Busson started working in hedge funds in 1986 in New York. He is the founder and chairman of the EIM Group, a fund of funds company. Busson is also active in a number of philanthropic causes around the globe. According to the French business magazine Challenges, he had a net worth of €500 million in 2013.

Tanera Mòr is a sporadically inhabited island in Loch Broom in the Inner Hebrides of Scotland, the largest of the Summer Isles. It was the last permanently inhabited island in that group. Tanera Mòr has issued its own postage stamps and was the location of Frank Fraser Darling's book Island Years. In 2014, it was reported that it had been sold to the millionaire Ian Wace, whose plans were to develop it as a holiday destination.

<span class="mw-page-title-main">Taxation of private equity and hedge funds</span>

Private equity funds and hedge funds are private investment vehicles used to pool investment capital, usually for a small group of large institutional or wealthy individual investors. They are subject to favorable regulatory treatment in most jurisdictions from which they are managed, which allows them to engage in financial activities that are off-limits for more regulated companies. Both types of fund also take advantage of generally applicable rules in their jurisdictions to minimize the tax burden on their investors, as well as on the fund managers. As media coverage increases regarding the growing influence of hedge funds and private equity, these tax rules are increasingly under scrutiny by legislative bodies. Private equity and hedge funds choose their structure depending on the individual circumstances of the investors the fund is designed to attract.

<span class="mw-page-title-main">Carried interest</span> Fee paid to an investment manager.

Carried interest, or carry, in finance, is a share of the profits of an investment paid to the investment manager specifically in alternative investments. It is a performance fee, rewarding the manager for enhancing performance. Since these fees are generally not taxed as normal income, some believe that the structure unfairly takes advantage of favorable tax treatment, e.g. in the United States.

<span class="mw-page-title-main">Paul Marshall (investor)</span> British investor (born 1959)

Sir Paul Roderick Clucas Marshall is a British hedge fund manager and philanthropist. According to the Sunday Times Rich List in 2020, he had an estimated net worth of £630 million. In 2024, he topped The Sunday Times Giving List, having donated £145.1 million over 12 months to various charities.

<span class="mw-page-title-main">Ark (charity)</span>

Absolute Return for Kids is an international children's educational charity based in London, UK.

Publicly traded private equity refers to an investment firm or investment vehicle, which makes investments conforming to one of the various private equity strategies, and is listed on a public stock exchange.

<span class="mw-page-title-main">Ark Evelyn Grace Academy</span> Academy in London, England

Ark Evelyn Grace Academy is a non-selective, coeducational secondary school in Brixton, in the London borough of Lambeth.

Moore Capital Management, LP (MCM) is a global investment management firm headquartered in New York, New York. In September 2018, MCM had $10.2 billion in total assets under management.

<span class="mw-page-title-main">Rhône Group</span> Private equity firm

Rhône Group is a global private equity firm with approximately $11 billion of assets under management, specializing in mergers and acquisitions, leveraged buyouts, recapitalizations, and partnerships with particular focus on European and trans-Atlantic investments. Rhône also offers financial advisory services, strategic alliances, joint partnerships, and business valuation services. Rhone Group was listed in 2013 to 2014 by Preqin as the 'Most Consistent Performing Private Equity Fund Manager' based on both its multiple and IRR of all 3 funds in the top quartile ranking.

<span class="mw-page-title-main">Highbridge Capital Management</span> Alternative investment management firm

Highbridge Capital Management, LLC is a multi-strategy alternative investment management firm founded by Glenn Dubin and Henry Swieca in 1992. In 2004, it was purchased by JPMorgan Chase; as of 2019, it had about $3.9 billion in assets under management, out of $150 billion in JPMorgan's global alternatives division.

Ole Andreas Halvorsen is a Norwegian-American billionaire hedge fund manager. He is the CEO and a co-founder of the Connecticut-based hedge fund Viking Global Investors. Viking had $24 billion under management as of October, 2017. Halvorsen has consistently ranked among the top earning hedge fund managers, placing 11th in Forbes' 2012 rankings and 9th in 2015, according to Institutional Investor's Alpha.

Saffron Aldridge is an English fashion model, freelance journalist and social activist. Discovered at the age of sixteen, she rose to prominence working for Ralph Lauren in the 1990s. Her siblings include fashion photographer Miles Aldridge and half-sisters, models Lily Aldridge and Ruby Aldridge.

Pine River Capital Management is an American asset management firm based in Minnetonka, MN. The firm traded its investors funds using stocks, fixed income, derivatives and warrants.

<span class="mw-page-title-main">Element Capital Management</span>

Element Capital Management is an American hedge fund using a global macroeconomic investment strategy, founded in 2005 by Jeffrey Talpins.

Carl Ludwig Oliver Haarmann is a German private equity financier, and a founding partner of Searchlight Capital Partners.

References

  1. ↑ "Ian Wace". Bloomberg Businessweek. Archived from the original on 10 April 2013. Retrieved 14 March 2013.
  2. 1 2 3 "From tragedy to helping others: one man's philanthropic journey". The Standard . 10 April 2012. Retrieved 9 February 2018.
  3. ↑ "Ian Gerald Patrick WACE - Personal Appointments (free information from Companies House)". Companies House . Retrieved 29 January 2018.
  4. ↑ "The 2016 Rich List: Ian Wace". Institutional Investor. 10 May 2016. Retrieved 9 February 2018.
  5. ↑ "Ian Wace". Bloomberg . Archived from the original on 10 February 2018. Retrieved 9 February 2018.
  6. ↑ "Marshall Wace Partners". Marshall Wace. Archived from the original on 23 August 2018. Retrieved 9 February 2018.
  7. ↑ Stevenson, Alexandra; Bray, Chad (10 September 2015). "K.K.R. Takes 24.9% Stake in Hedge Fund Marshall Wace". The New York Times . Retrieved 9 February 2018.
  8. ↑ Cox, Jeff (11 February 2016). "Marshall Wace leads hedge fund rankings for 2015". CNBC. Retrieved 9 February 2018.
  9. 1 2 "Rich List 2019: profiles 201-249=". The Times . 12 May 2019. ISSN   0140-0460 . Retrieved 23 September 2019.
  10. ↑ "View donation". The Electoral Commission. Retrieved 5 May 2020.
  11. ↑ "Family destroyed". The Independent . 5 September 1994.
  12. ↑ "Man sees wife and children killed in car crash". The Herald . 5 September 1994.
  13. ↑ Kerr, Jane (13 September 1996). "Tragic financier Ian Wace weds again; He saw his family die in accident". The Mirror – via Free Online Library.
  14. ↑ "Obituary Notice for Wace". Funeral Notices. Western Morning News. 24 August 2011.
  15. ↑ Kerr, Jane (13 September 1996). "Tragic Financier Ian Wace Weds Again; He Saw His Family Die in Accident". The Mirror. Archived from the original on 10 February 2018. Retrieved 9 February 2018.
  16. ↑ Eden, Richard (20 November 2011). "Model Saffron Aldridge to marry leading financier Ian Wace". The Telegraph. Retrieved 9 February 2018.
  17. ↑ Bellini, Luciana (10 October 2013). "Meet the Aldridge family". Tatler. Retrieved 4 May 2020.
  18. ↑ McCall, Chris (8 February 2018). "Ambitious plans for remote Highland island of Tanera Mòr revealed". The Scotsman. Retrieved 9 February 2018.
  19. ↑ Stephanie Baker; Tom Cahill (12 January 2009). "Amid Market Turmoil, Hedge Fund Charity Donors Demand Results". Bloomberg News. Archived from the original on 10 February 2018. Retrieved 9 February 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.