The hedge fund run by GB News co-owner Paul Marshall almost tripled its investments in fossil fuel companies in the first quarter of 2026 to $2.8 billion (£2.1 billion), DeSmog and The Guardian can reveal.
Critics have accused Marshall of “cashing in on climate chaos” and have claimed that GB News, which frequently attacks climate science and action, was “working in its owner’s financial interests”.
Marshall is the chair and chief investment officer of Marshall Wace Asset Management, one of the world’s biggest hedge funds. The largest increase in Marshall Wace’s declared fossil fuel investments in the first quarter was in oil company Chevron, from $196 million at the end of December to $864 million at the end of March.
Marshall Wace had no stakes in ConocoPhillips, Shell, or the major fracking firm Devon Energy at the end of December, but by the end of March held stakes of $163 million, $72 million, and $35 million respectively.
In contrast, Marshall Wace’s investment in renewable energy and battery companies fell by 30 percent over the quarter, to $415 million. A Marshall Wace spokesperson said the analysis was “partial and inaccurate”.
