Paul Marshall (investor)

Sir Paul Roderick Clucas Marshall (born 2 August 1959) is a British investor.

Sir Paul Marshall
Born
Paul Roderick Clucas Marshall

(1959-08-02) 2 August 1959
Ealing, London, England[1]
NationalityBritish
EducationSt John's College, Oxford
INSEAD
OccupationInvestor, philanthropist
Known forCo-founder of Marshall Wace Asset Management
Net worth GB£630 million (Sunday Times Rich List, 2020)
Spouse(s)Sabina Marshall
Children2, including Winston Marshall

According to The Sunday Times Rich List in 2020, Marshall is worth £630 million.[2]

Early life

Paul Roderick Clucas Marshall was born on 2 August 1959 in Ealing, London, England, the son of Wadham College, Oxford-educated Alan Marshall, managing director, Philippine Refining Company (later Unilever Philippines), and Mary Sylvia Clucas, daughter of Dr T. S. Hanlin.[3][4] His sister is the journalist Penny Marshall.[5]

When his parents moved to the Philippines and then South Africa for his father’s job with Unilever, Marshall boarded at Merchant Taylors' School, in England. He boarded in the Manor of the Rose while at the school. [6]

From there he went up to St John's College, Oxford to read History and Modern Languages, and subsequently took an MBA from the INSEAD (Institut Européen d'Administration des Affaires) business school in Fontainebleau, France.[7]

Career

He is the co-founder and chairman of Marshall Wace LLP, one of Europe's largest hedge fund groups.[8] Marshall Wace[9] was founded in 1997 by Marshall and Ian Wace.[10] At the time, Marshall Wace was one of the first hedge funds in London.[6] The company started with $50 million, half of which was from George Soros.[6]

Funds managed by Marshall Wace have won multiple investment awards[11] and the company has become one of the world's leading managers of equity long/short strategies. Marshall Wace manages $39 billion and has recently opened an office in China.[12] Prior to founding Marshall Wace, Marshall worked for Mercury Asset Management, the fund management arm of S. G. Warburg & Co.

He is a member of the Hedge Fund Standards Board.

Political affiliations

Marshall had a longstanding involvement with Britain's Liberal Democrats party.[13] He was research assistant to Charles Kennedy, MP, former leader of the Liberal Democrats in 1985 and stood for Parliament for the SDP/Liberal Alliance in Fulham in 1987. He has made appearances on current affairs programmes such as BBC Radio 4's Any Questions.[14][15]

In 2004, Marshall co-edited The Orange Book with David Laws MP. Chapters were written by various upcoming Liberal Democrat politicians including Nick Clegg, Chris Huhne, Vince Cable MP, Ed Davey MP and Susan Kramer (Neither Clegg, Huhne nor Kramer were MPs at the time.) Laws, describing the pair's ambition in publishing The Orange Book, wrote "We were proud of the liberal philosophical heritage of our party. But we both felt that this philosophical grounding was in danger of being neglected in favour of no more than ‘a philosophy of good intentions, bobbing about unanchored in the muddled middle of British politics’"[16] The book attracted initial controversy when launched[17][18] but both it and the term 'Orange Bookers' to describe those sympathetic to its outlook continue to be frequently referenced to describe a strand of thought within the Liberal Democrats.[19][20]

Between 2002 and 2015, Marshall donated £200,000 to the Liberal Democrats.[6] Marshall left the party in 2015 over its policies on the EU and its support of continuing British membership.[6]

In July 2016, Marshall donated £3,250 to Michael Gove's Conservative leadership campaign.[21]

2016 EU referendum campaign

Marshall was a public supporter of Brexit during the European Union membership referendum in 2016.[22] He gave a donation of £100,000 to the Leave campaign.[6]

Writing for Brexit Central in April 2017 on the UK exiting the European Union, Marshall wrote: "This is a huge opportunity for the UK. Our ambition is that the UK should be a champion of free trade, open and outward looking to the world and built on strong institutions."[23]

In an interview with the Financial Times in 2017, Marshall said: "Most people in Britain do not want to become part of a very large country called Europe. They want to be part of a country called Britain."

Philanthropy

Marshall was the founder, and chairs the board of trustees of the independent research institute the Education Policy Institute (EPI). For over a decade he was also chairman of the EPI's previous incarnation, think tank CentreForum.[24]

He is a founder trustee of ARK and chairman of ARK Schools, which is one of Britain’s leading providers of academies and has also played a pioneering role in developing new programmes for inner city education.[25] Other initiatives spun out of ARK include Future Leaders, Teaching Leaders, Maths Mastery, English Mastery, Frontline and Now Teach. He is also a founding trustee of the charity Every Child a Chance.[26]

He was appointed lead non-executive director at the Department of Education in 2013.[27]

In April 2015, it was announced that Marshall would donate £30 million to the London School of Economics to establish The Marshall Institute for Philanthropy and Social Entrepreneurship, alongside Sir Thomas Hughes-Hallett.[28] The institute was launched in 2015, with a core aim "to improve the impact and effectiveness of private contributions to the public good".[29][30]

Marshall was knighted in the 2016 Birthday Honours for services to education and philanthropy.[31]

In 2017, Marshall gave funding to a new political news website called UnHerd.[6]

According to the Sunday Times Giving List in 2020, Marshall donated £106.8 million to charitable causes in 2019.[32]

Publications

Marshall has written widely about education. In 2012, he edited a book on improving the education system called The Tail: how England's schools fail one child in five – and what can be done. Contributors included Labour MP, Frank Field, Professor Chris Husbands of the Institute of Education and Stephen Machin of the London School of Economics. He is also co-author of Aiming Higher: a better future for England's schools with Jennifer Moses (2006), and author of Tackling Educational Inequality (with Sumi Rabindrakumar and Lucy Wilkins, 2007)[33]

Marshall's other publications include: The Market Failures Review (Editor – 1999), Britain After Blair (co-editor with Julian Astle, David Laws, MP, Alasdair Murray) and Football and the Big Society (with Sam Tomlin, 2011).[33]

In 2020 he published 10½ Lessons from Experience: Perspectives on Fund Management,[34] a personal reflection on lessons learned from a career in fund management. The Times newspaper described the book as “a bit of a gem”[35] and a Bloomberg review welcomed its examination of cognitive bias, the use of data and systematic strategies by successful fund managers.[36] Marshall writes: “Machines have not won yet. Machines typically do not fare well in a crisis. They are not good at responding to a new paradigm until the rules of the new paradigm are plugged into them by a human.”

Personal life

He is married to Sabina. His wife is French and owns an antique shop on the King’s Road in Chelsea.[6] Marshall is father of Mumford & Sons band member Winston Marshall and musician Giovanna Marshall.[37]

In April 2017, he told the Financial Times in an interview that he had no intention of retiring.[6]

References
  1. "FamilySearch".
  2. Times, The Sunday (12 May 2019). "Rich List 2019: profiles 201-249=". ISSN 0140-0460. Retrieved 23 September 2019.
  3. Who's Who in Southern Africa, vol. 54, Ken Donaldson Ltd, 1959, p. 441
  4. Economic Review, vol. 19, Economic & Industrial Publications, 1988, p. 89
  5. The International Who's Who of Women 2002, third edition, ed. Elizabeth Sleeman, Europa Publications, p. 364
  6. "Sir Paul Marshall, co-founder Marshall Wace, backing Brexit". Financial Times. Retrieved 23 September 2019.
  7. "Every Child A Chance Trustees". 2 May 2009. Archived from the original on 2 May 2009. Retrieved 29 January 2018.CS1 maint: bot: original URL status unknown (link)
  8. Paul Marshall of Marshall Wace. Movers and Shakers, The Times. 28 December 2009. Retrieved on 2014-09-08.
  9. "Paul Roderick Clucas Marshall director information. Free company director check". www.cbetta.com. Retrieved 16 January 2020.
  10. Computer system gives fund a route to the top. Business.timesonline.co.uk. 15 October 2005. Retrieved on 2012-04-28.
  12. Times, The Sunday (12 May 2019). "Rich List 2019: profiles 201-249=". ISSN 0140-0460. Retrieved 23 September 2019.
  13. Personal finance news, how to make money, how to save money. Telegraph (2011-05-31). Retrieved on 2012-04-28.
  14. Transcript: Any Questions? 22 February 2008, Radio 4. BBC. Retrieved on 2012-04-28.
  15. Transcript: Any Questions? 10 February 2006 Archived 12 November 2012 at the Wayback Machine. Radio 4. BBC. Retrieved on 2012-04-28.
  16. Sanderson-Nash, Emma (2012). "The Orange Book - Turning Right or Changing Gears?". Economic Affairs. 32 (2): 11–16. doi:10.1111/j.1468-0270.2012.02148.x.
  17. Lib Dem 'lurch to right' warning 21 September 2004. BBC. Retrieved on 2012-07-12.
  18. 'Voters will turn to us next' says poll strategist 22 September 2004. The Daily Telegraph. Retrieved on 2012-07-12.
  19. Clegg needs to ride the storm Politics.co.uk
  20. Could a minority government deal be done? Channel 4 News
  21. Hughes, Solomon (24 January 2018). "A Millionaire Who Funded Brexit Made a Killing as Carillion Crashed". Vice. Retrieved 23 September 2019.
  22. [uk.reuters.com/article/uk-britain-eu-city-idUKKCN0XQ1MM Hedge fund managers Crispin Odey and Paul Marshall say Brexit would help London] Reuters
  23. "How Prosperity UK is grappling with the practical challenges and opportunities of Brexit". BrexitCentral. 19 April 2017. Retrieved 23 September 2019.
  24. "£1 million boost for Lib Dem think tank" – The Times, 28 June 2005
  25. Hedge fund star: My plan to turn round London schools Evening Standard 7 March 2011. Retrieved 12-07-2012
  26. Charity Commission. Every Child a Chance Trust, registered charity no. 1122108.
  27. Evening Standard 7 March 2011. Retrieved 12-09-2014
  28. "LSE announces The Marshall Institute for Philanthropy and Social Entrepreneurship". LSE. Retrieved 27 April 2015.
  29. "Marshall Institute". LSE Marshall Institute. Retrieved 27 April 2015.
  30. Social entrepreneurship institute to open in London Financial Times, 25 April 2015
  31. "No. 61608". The London Gazette (Supplement). 11 June 2016. p. B2.
  32. Griffiths, Alastair McCall and Sian. "Sunday Times Giving List 2020: Stormzy breaks new ground". ISSN 0140-0460. Retrieved 9 October 2020.
  33. Tackling educational inequality. CentreForum.org. Retrieved on 2012-04-28.
  34. Marshall, Paul (2020). 10½ Lessons from Experience: Perspectives on Fund Management (Mainition ed.). Profile Editions.
  35. Hosking, Patrick. "'Buffett isn't Sharpe enough for City job'". The Times. Retrieved 3 August 2020.
  36. Gilbert, Mark (16 July 2020). "Hedge Fund Titan Sees a Quantamental Future". Bloomberg.com. Retrieved 3 August 2020.
  37. "M meets... Giovanna - M Magazine". m-magazine.co.uk. 29 November 2011. Retrieved 29 January 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.