Richard Northridge, a former portfolio manager at Citadel, has secured $1bn from Marshall Wace to trade for its flagship hedge fund, according to a report by BNN Bloomberg citing an investor letter. 

The London-based investment firm reportedly allocated the capital this month to a global cyclical stock-trading strategy overseen by Northridge. The funding, part of Marshall Wace’s $22bn billion Eureka hedge fund, is expected to grow as Northridge expands his team.

Northridge, who previously worked as a Money Manager at Citadel’s Surveyor Capital unit, joined Marshall Wace earlier this year.

To attract and retain skilled professionals, Marshall Wace introduced a new client fee last year to reward high-performing traders and enable larger portfolio management.

A spokesperson for Marshall Wace, which oversees about $69bn in assets, declined to comment.

The Eureka fund, managed by Co-Founder Paul Marshall, operates through a series of sub-strategies led by individual managers. The fund delivered a 2.8% return in November, pushing its year-to-date performance to approximately 14%.

“Our managers traded well over the US election period,” the firm wrote in its investor letter, noting that it had positioned itself for a Donald Trump victory.