Paul Marshall, the co-founder of London-based hedge fund major Marshall Wace, has appointed investment bank Moelis to advise on a potential bid to acquire the Daily and Sunday Telegraph newspapers, according to a report by Sky News.

The report cites unnamed sources close to Marshal as revealing that no final decision has yet been made on whether to bid for the papers in their upcoming auction, either as separate entities or in conjunction with an offer for current affairs magazine The Spectator.

All three titles have been put up for sale after Lloyds Bank took control of them from previous owners the Barclay family.

Marshall already has involvement in the UK media sector as a large investor in right-wing television news service GB News.