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Marshall Wace is focusing on $ 1 billion for a brand new ESG fund

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© Reuters. FILE PHOTO: A wind farm is shown in Movave, California

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By Kanishka Singh

(Reuters) – Marshall Wace plans to raise $ 1 billion for a new fund that invests based on environmental and other ethical criteria, a source familiar with the matter told Reuters.

The hedge fund, co-founded by British financer Paul Marshall, will rely on external analysts who focus on environmental, social and governance (ESG) issues, the source said on Saturday.

The fund will bet against stocks with poor ratings and buy stocks with strong ESG characteristics, the source added, confirming an earlier report by the Financial Times.

Marshall Wace, with approximately $ 45 billion in total assets, will add the new fund to its $ 19 billion computer-controlled TOPS trading system, the source told Reuters.

This system analyzes buy or sell recommendations from around a thousand analysts at banks and research houses in order to receive trading signals.

Marshall Wace was founded in 1997 and has more than 240 employees in London, New York and Hong Kong.

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