Ian Wace

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]

Ian Wace
Wace in 2011 speaking at the launch of the GAVI Alliance
BornJanuary 1963 (age 58)
NationalityBritish
OccupationFinancier
Known forCo-founder and CEO of Marshall Wace Asset Management
Net worth GB£630 million (Sunday Times Rich List, 2020)
Spouse(s)Saffron Aldridge (m. 2012)
Children2
RelativesCharles Wace (brother)

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. 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's first wife and their two small children were killed in a car accident in Hampshire, when he was 31 years old (they had been driving in separate cars).[2] He married Fiona Hardy two years later and had two children with her; they split in 2010.[11]

In 2012, he married the model Saffron Aldridge.[12][13]

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".[14][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.[15]

References
  1. "Ian Wace". Businessweek. Retrieved 14 March 2013.
  2. "From tragedy to helping others: one man's philanthropic journey". 8 June 2011. Retrieved 9 February 2018.
  3. "Ian Gerald Patrick WACE - Personal Appointments (free information from Companies House)". beta.companieshouse.gov.uk. Retrieved 29 January 2018.
  4. "The 2016 Rich List: Ian Wace". Institutional Investor. 10 May 2016. Retrieved 9 February 2018.
  5. "Ian Wace". Bloomberg. Retrieved 9 February 2018.
  6. "Marshall Wace Partners". Marshall Wace. Retrieved 9 February 2018.
  7. Alexandra Stevenson; Chad Bray (10 September 2015). "K.K.R. Takes 24.9% Stake in Hedge Fund Marshall Wace". 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. Times, The Sunday (2019-05-12). "Rich List 2019: profiles 201-249=". ISSN 0140-0460. Retrieved 2019-09-23.
  10. "View donation". The Electoral Commission. Retrieved 5 May 2020.
  11. 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.
  12. Eden, Richard (20 November 2011). "Model Saffron Aldridge to marry leading financier Ian Wace". The Telegraph. Retrieved 9 February 2018.
  13. Bellini, Luciana (10 October 2013). "Meet the Aldridge family". Tatler. Retrieved 4 May 2020.
  14. McCall, Chris (8 February 2018). "Ambitious plans for remote Highland island of Tanera Mòr revealed". The Scotsman. Retrieved 9 February 2018.
  15. Stephanie Baker; Tom Cahill (12 January 2009). "Amid Market Turmoil, Hedge Fund Charity Donors Demand Results". Bloomberg News. Retrieved 9 February 2018.
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