Marshall Wace: Exchange-traded fun

Fancy a hedge fund that allows investors to buy and sell in real time at close to its net asset value? Marshall Wace has just created one. The hedge fund is setting up an exchange-traded fund (ETF) that mimics its Tops strategy, which filters analysts’ recommendations in an attempt to beat the market. The fund, which Marshall Wace expects to have assets of up to $500 million at launch, is an opportunity for the fund manager to expand its assets under management. But ETFs aren’t suitable for all...