Hedge Fund Boss Marshall In Brexit Donation

A hedge fund boss who has close links to Michael Gove, the Justice Secretary, is to write a six-figure cheque to the campaign backing the UK to leave the European Union.

Sky News has learnt that Paul Marshall, a co-founder of Marshall Wace, one of the City's most successful hedge funds, has decided to donate in excess of £100,000 to Vote Leave as next month's EU referendum looms into view.

Mr Marshall, who signed a pro-Brexit letter from leading businesspeople last week, is understood to have decided to hand over the money in recent days.

It (Other OTC: ITGL - news) is unclear whether he donated the cash in time to be included on the initial list of donors to be disclosed by the Electoral Commission on May 11.

Sources pointed to Mr Marshall's proximity to Mr Gove, who recruited the hedge fund boss to the board of the Department for Education when he ran the ministry.

Mr Marshall, who was also part of the Red Knights consortium which tried to buy Manchester United (NYSE: MANU - news) six years ago, remains on the DfE's board although he is thought to be in the latter stages of his stint as a director.

In a recent comment piece for the Financial Times, Mr Marshall railed against Brussels' response to the 2008 financial crisis, arguing that the hedge fund industry had been unfairly targeted.

"We can fully expect the lobbyists to work unstintingly for the status quo and against innovation — for the diesel industry and against electric cars, for banks and against financial sector innovators, for big pharma and against biotech innovation, for big appliance companies and against bagless vacuum cleaners — in summary, for big business and against entrepreneurs," Mr Marshall wrote in February.

"If Britain wants to be a home to innovators, disrupters and entrepreneurs, we will find little help and much hindrance from Brussels."

The exact size of Mr Marshall's donation was unclear on Tuesday, although insiders confirmed that it was being made in a personal capacity, rather than through Marshall Wace.

Mr Marshall declined to comment through a spokesman.

Other prominent hedge fund managers including Crispin Odey and Michael Hintze have also been linked with potential donations to Vote Leave, while David Harding of Winton Capital Management is a co-treasurer of - and big donor to - Britain Stronger in Europe.

Their donations underscore the extent to which City financiers are dominating the funding of the 'Remain' and 'Leave' campaigns.

Citi, Goldman Sachs (NYSE: GS-PB - news) , JP Morgan and Morgan Stanley (Xetra: 885836 - news) have collectively handed over roughly £1.5m to BSiE, arguing that being outside the EU's financial services passporting regime would undermine London's status as a global financial centre.

Vote Leave could not be reached for comment.