London-headquartered hedge fund firm Marshall Wace has appointed Todd Builione, a partner and global head of private wealth at its private equity backer KKR, to run its US business in New York, according to a report by The Financial Times.
London-headquartered hedge fund firm Marshall Wace has appointed Todd Builione, a partner and global head of private wealth at its private equity backer KKR, to run its US business in New York, according to a report by The Financial Times.
Builione will join Marshall Wace as head of North America in September, replacing Michael Sargent, who is due to retire in January after almost 20 years with the firm.
Prior to joining KKR ten years ago, Builione ran Highbridge Capital Management’s hedge fund business and also worked at Goldman Sachs.
KKR acquired a 24.9% stake in Marshall Wace in September 2015, in a deal Builione helped lead, paying an undisclosed amount of cash, plus 7.4 million of its shares. The private equity firm subsequently upped its stake to 39.9%.
Marshall Wace is best known for its Tops Market Neutral fund, which analyses buy and sell recommendations from about 1,000 external analysts, and its flagship Eureka fund, which is run by founder Paul Marshall. The firm has about half of its $62 billion assets in algo-driven, systematic strategies.
