A hedge fund exec is funding hunts for treasures

On 21/11/2023
In High Tech. Research/Salvage
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Shipwreck

From Business Insider - Polly Thompson

A hedge fund executive has been unmasked as one of the world's leading deep-sea shipwreck hunters after a Bloomberg Businessweek investigation uncovered his decades-long hunt for sunken treasure worth billions.

Anthony Clake, a 43-year-old executive at Marshall Wace in London, has not been going to the bottom of the ocean himself, however. He's been investing in and directing high-tech operations to find lost treasures on the ocean floor.

Marshall Wace is one of the world's biggest hedge funds, managing assets worth about $62 billion.

According to Bloomberg, Clake has quietly spearheaded treasure hunts using advanced underwater technology including million-dollar marine robots that can descend to depths of 6,000 meters, and a sonar system that creates 3D maps of the seabed.

The technology has allowed wealthy individuals like Clake to fund exploration of the seabeds.

Clake's successes include the SS Coloradan, an American steamer sunk by a German U-boat off the coast of South Africa. Found by his contractors in 2016, the wreck contained drums of gold precipitate.

Another ship found at at depth of 4,500 meters off the coast of west Africa contained 50 tons of silver coins. The discovery was kept secret, the coins melted down and sold, and everyone involved had to sign an NDA, Bloomberg reported.

It isn't clear how much money Clake has made from the salvaged treasure. But often the most lucrative wrecks draw competing claims, legal battles, and seizures.