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Marshall Wace shorts two of Northern Ireland’s biggest tech firms

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Marshall Wace, the £50bn hedge fund firm founded by GB News co-owner Sir Paul Marshall, has taken short positions against two of Northern Ireland’s biggest tech companies – Belfast-based software group Kainos and Newry-based tech firm FD Technologies.

The report cites data from market analysis firm Shorttracker, highlighting that Marshall Wace has increased its bets against both of the London-listed companies in recent weeks and now holds £77.9m short position in Kanos – 0.59% of the company’s shares – and a 0.7% short stake in FD Technologies worth around £2.6m.

Marshall Wace began shorting Kainos’ stock on 22 February and increased its position to 0.6% on 3 April, before cutting it slightly to its current level last week.

The hedge fund first opened a 0.3% short stake in FD Technologies on 3 April, before upping it twice to its current 0.7% holding.

Fellow London hedge fund GLG Partners has also increased its short position in Kainos in recent days following a company announcement that revenues for the year ending 31 March 2024 came in below market analyst predictions.

Meanwhile, Hong Kong fund ActusRayPartners and JP Morgan Asset Management have also both upped their short positions against FD Technologies, after New York-based activist investor Irenic Capital Management increased its stake in FD Technologies to 15%, worth around £55m, making it the firm’s largest shareholder.

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