UK alternative asset manager Marshall Wace has acquired a controlling stake in New York-based, investment management firm Eaglewood Capital Management, for an undisclosed sum.

UK alternative asset manager Marshall Wace has acquired a controlling stake in New York-based investment management firm Eaglewood Capital Management for an undisclosed sum.

The deal is part of Marshall Wace's strategy to increase its presence in the peer-to-peer, or P2P, and online lending sector and is subject to regulatory approval.

Eaglewood will be integrated with the P2P business assets acquired by Marshall Wace late in 2013 to create a new asset management group called MW Eaglewood, a separate entity.

Marshall Wace said as part of its push into the P2P market, the firm is also launching investment management firm Eaglewood Europe, which it plans to float on the London Stock Exchange.

Jonathan Barlow, founder and chief executive of Eaglewood, will also be CEO of MW Eaglewood and will retain a minority ownership stake in the business. Simon Champ, who joined as part of the 2013 acquisition, will be CEO of Eaglewood Europe, while Steven Lee will be chief investment officer of MW Eaglewood.

“We are delighted to contribute to the development of the P2P lending sector by bringing these businesses together to build and incubate a new, international P2P asset manager. P2P lending has the potential to transform consumer and SME lending practices worldwide by disintermediating the banks. In so doing it can benefit the whole economy and society at large,” said Ian Wace CEO of Marshall Wace.

“Once Eaglewood Europe is fully up and running with its own regulatory approval, our plan is for it to be managed by its own team independently from Marshall Wace’s existing business,” Wace added.