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Marshall Wace to form long-term strategic partnership with KKR

Wednesday, September 09, 2015
Opalesque Industry Update - Following the announcement by KKR & Co. L.P. today, Marshall Wace LLP and affiliates, a leading global liquid alternatives manager, confirms it is forming a strategic alliance with KKR, one of the world’s leading global investment firms.

Under the terms of the agreement, KKR will acquire at closing a 24.9% interest in Marshall Wace through a combination of cash and stock. In addition, KKR and Marshall Wace have the option to grow its ownership interest over time to 39.9%.

Under the terms of the agreement, the management team of Marshall Wace will continue to manage its business independently. All Capital Partners have signed long-term agreements, and Marshall Wace’s investment strategies will remain unchanged. In addition, the majority of the proceeds received by the sellers at closing will be reinvested in Marshall Wace’s funds or held in KKR stock.

The strategic alliance is based on a shared vision of how financial markets are changing and how best to serve clients’ evolving investment requirements. It brings together strong traditions of investing expertise, innovation and entrepreneurship and cultural alignment. In time, it will enable the joint development of new products, the potential for an expanded global client base, and allow the creation of incentive plans for the next generation of Marshall Wace partners and staff.

The transaction is expected to close later this year and is subject to regulatory approvals and other customary closing conditions. Clients and industry consultants are being informed.

Ian Wace, chief executive of Marshall Wace, said, “Over the last few years, we have been approached by several firms looking to invest in our business, but KKR offered something different: a true, long-term partnership with a shared vision of the future. While Marshall Wace’s core operations and investment process will not change, we believe we will be able to build on the complementary relationships and skills of both firms to meet our clients’ evolving investment requirements”.

Commenting on the partnership, Scott Nuttall, Member of KKR and Head of Global Capital and Asset Management, said, "We believe Paul Marshall and Ian Wace have built a premier franchise within liquid alternatives, and the firm has an entrepreneurial DNA and a culture that is similar to KKR’s. This is an important step for both of our firms and the beginning of a long-term partnership”.

Press release

www.mwam.com

www.kkr.com

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