TOPS
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Capital Allocators 6
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Marshall: Marshall Wace optimizes portfolio construction and capital allocation to alpha, not returns
“The thing you're optimizing is not a return objective. It's an alpha objective. So it's the performance of those ideas against whatever the benchmark is. And you create information ratios and risk manage around the alpha. And for our managers, it's actually th…”
Over 3,000 contributors have been measured in Marshall Wace's TOPS system
“We have 1000, well, historically, upwards of 3000 people who have contributed to TOPS and been measured. For long periods. Three, five, 10, 20 years in some cases.”
Marshall Wace seeded its TOPS strategy with $200M from the Eureka fund
“And so we, having measured it for about a year, we then said, or Ian said, let's put some capital behind this. And we put, by that stage, Eureka was a kind of two, two and a half billion dollar fund. We put two hundred million, so 10% of the fund, into a progr…”