New York (HedgeCo.net) – The hedge fund manager of Eureka Fund, Europe’s largest telecom, media and technology sector hedge fund is set to pay out £54.8 million ($87.6 million) in bonuses, according to UK newspaper The Daily Mail.
The hedge fund set up by Paul Marshall is one of Europe’s largest alternative investment groups, Marshall founded the hedge fund in 1997 with Ian Wace. The hedge fund gathered steam when it developed a computer system to analyse recommendations from investment banks.
Marshal Wace reported a strong year with profits up from £50 million to £89 million, ($80 million to $142 million) the newspaper reported. The firm’s 21 fund managers will share the bulk of the bonus pot while the remainder will go to 75 administrative workers.
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