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Monday, May 20, 2024

General News

Resource bets hit the jackpot
Dec 07/05
Rohit Sehgal has guided the Dynamic Power Hedge Fund to a one-year return of 119%. Over the last three years, the fund has generated a 72% annual return, thanks largely to energy and materials.  David Berman, Financial PostPublish...Read more

U.S. parent bids for Sears Canada
Dec 06/05
By MARINA STRAUSS Tuesday, December 6, 2005 Posted at 3:30 AM ESTFrom Monday's Globe and MailSears Holdings Corp. has bid $834.5-million to take Sears Canada Inc. private, a move some analysts say positions it to eventually scoop ...Read more

Arrow Multi Strategy and Goodwood Fund win Morningstar Canadian Investment awards
Dec 01/05
Morningstar announced the 2005 Canadian Investment Award winners: In this year's two Alternative Strategies categories, Arrow Multi-Strategy won the Fund of Hedge Funds award, and Goodwood Fund won the Opportunistic Strategy Hedge...Read more

Looking at growth beyond the USD 100 billion level
Dec 01/05
UBS is planning to open a Toronto office to handle fund administration.for the full interview: http://www.hedgeweek.com/SourceDocuments/NewsRelease/PDFs/55CB1712-8960-4F18-9296-BB8C9C73D035.PDF ...Read more

D.E. Shaw, Bridgewater Top List of World's Biggest Hedge Funds
Nov 30/05
Nov. 30 (Bloomberg) -- During the past decade, hedge fund managers have emerged as masters of a secretive, $1.08 trillion universe. They rode the 1990s bull market, shorted stocks as the Nasdaq collapsed and made -- and sometimes ...Read more

Mystery surrounding missing diamonds and money from defunct Portus deepens
Nov 29/05
From Theglobeandmail.com: The mystery surrounding missing diamonds and money from defunct hedge fund company Portus Alternative Asset Management Inc. deepened yesterday with the emergence of a woman known as Madam Ho Ho and a requ...Read more

FSF meets with the hedge fund community and their counterparties
Nov 29/05
The Financial Stability Forum (FSF) recently convened two informal workshops of senior members of the hedge fund community, their counterparties, and financial authorities. The first workshop took place in London on 22 November, h...Read more

Institutional investors want hedge funds: study
Nov 28/05
According to a study from the Bank of New York and U.S.-based consulting firm Casey, Quirk & Associates, institutional investors south of the border are getting into hedge funds on a large scale.The report projects that invest...Read more

Arrow Hedge Partners Inc. Announces that Arrow Focus Fund is Open for New Purchases
Nov 24/05
TORONTO, Nov. 24 /CNW/ - Jim McGovern, Managing Director and CEO of ArrowHedge Partners Inc. of Toronto, Canada is pleased to announce that the ArrowFocus Fund is now open and available for new purchases.    The Arrow Focus Fund i...Read more

OSC eyes hedge fund curb
Nov 18/05
Post-Portus reflection: Regulator may pull exemption for principal protected notes Wojtek DabrowskiFinancial PostFriday, November 18, 2005The Ontario Securities Commission is considering changing a key rule that could disrupt the ...Read more

Norshield receiver finds little money
Nov 18/05
Retail investors in the failed Norshield Group of companies, which include Norshield Asset Management and Olympus United Funds, may only get back $8.5 million of the $132 million they placed in Norshield funds, according to the se...Read more

New OSC chair sets sights on hedge funds
Nov 17/05
David Wilson says he intends to protect investors and restore trust in the Canadian marketplace, stressing the need for stronger regulation through a common securities regulator. In his first speech as OSC chair, at the annual Dia...Read more

Activist Hedge-Fund Investor Pressures McDonald's to Spin Off Some Company-Owned Restaurants
Nov 15/05
CHICAGO (AP) - An activist hedge-fund investor stepped up pressure Tuesday on McDonald's Corp., telling Wall Street the fast-food chain can boost its stock price dramatically if it spins off 65 percent of company-owned restaurants...Read more

Algorithmics Opens Up
Nov 11/05
TORONTO —Algorithmics Inc. will open its Mark-to-Future risk management framework to allow the incorporation of client-developed or partner simulation engines through an application program interface (API). Speaking at the company...Read more

Man Group Wins Auction for Assets of Bankrupt Refco
Nov 10/05
Man Group Plc, the world's biggest publicly traded hedge fund company, won an auction for parts of bankrupt futures broker Refco Inc., outbidding at least three competitors. Man Group said in a statement that it will buy customer ...Read more

Alberta Securities Commission announces allegations against Michael Ernst Ruge and Chivas Hedge Fund
Nov 07/05
CALGARY, Nov. 7 /CNW/ - Staff of the Alberta Securities Commission (ASC) announced today that a hearing will be scheduled into allegations that Michael Ernst Ruge (Ruge) and Chivas Hedge Fund Ltd. (Chivas GP) engaged in an illegal...Read more

Portus Co-Founder's In-Law Sought for Questioning in Hong Kong
Nov 07/05
Nov. 7 (Bloomberg) -- KPMG LLP, the accounting firm investigating the defunct Canadian hedge fund Portus Alternative Asset Management, plans to ask a Hong Kong judge to order the sister-in-law of fund co-founder Boaz Manor to answ...Read more

Scotia to index hedge fund performance
Nov 02/05
Scotia Capital has announced a new performance index for hedge funds, which will be launched in 2006. The Scotia Capital Canadian Hedge Fund Performance Index will offer a monthly snapshot of the Canadian hedge fund scene."Th...Read more

October could be worst for hedge funds since 2000, Everyone is long the same stuff
Oct 31/05
October could be worst for hedge funds since 2000, Everyone is long the same stuff: Top-performing hedge funds give back part of their profits, Seeking a few winning trades October could be worst for hedge funds since 2000Reuters ...Read more

Oct 28/05
Alternative Investment Management Association The Alternative Investment Management Association Ltd Meadows House, 20-22 Queen Street, London W1J 5PR Tel: +44 (0)20 7659 9920 Fax: +44 (0)20 7659 9921 E-mail: info@aima.org www.aima...Read more

Hedge funds fastest-growing segment of the Canadian financial market
Oct 27/05
On Tuesday, outgoing EnCana Corp. chief executive officer Gwyn Morgan blamed hedge fund managers -- with their obsession for short-term returns -- for spreading the takeover rumours that whipsawed his company's stock.Yesterday, it...Read more

Online resource explains alternative investments
Oct 25/05
The Investor Education Fund has launched a new Focus On Investment Products section on its website to address what it sees as growing confusion regarding alternative investments.The new feature site attempts to explain, in plain l...Read more

Toronto Prime Brokerage Firm Adds to Service Group
Oct 19/05
Kripa Kapadia has left Goldman Sachs' prime brokerage office in London to join a Canadian prime brokerage firm that is rapidly gaining hedge fund clients. Scotia Capital has taken on new client relationships in 2005 and is hoping ...Read more

Canadian regulators to recoup millions of commissions paid to investment advisers by Portus
Oct 18/05
Stock market regulators are set to go after millions of dollars in commission fees paid to investment advisers by Portus Alternative Asset Management Inc. as part of the investigation into the notorious hedge fund. About 1,000 adv...Read more

Norbourg files for bankruptcy protection
Oct 14/05
 Vincent Lacroix, who heads the Norbourg group of companies, including the Evolution fund family, has placed the firms' assets under bankruptcy protection with trustee RSM Richter.In a statement released Thursday, Lacroix said he ...Read more

BluMont Capital passes C$750m milestone AUM
Oct 11/05
BluMont Capital announced it has passed the C$750 million milestone in assets under management. BluMont Capital's AUM have grown by over $200 million in the past twelve months. This growth is attributed to positive performance fro...Read more

OSC probes failed fund PAAM
Oct 10/05
The Ontario Securities Commission has launched an investigation into an Ontario hedge fund manager who faces fraud allegations in the United States. The OSC is the latest regulator to become involved in the widening scandal surrou...Read more

Portus Updates
Oct 05/05
UPDATE 1TORONTO, Oct 5 (Reuters) - Canada's most powerful securities regulator said on Wednesday it is launching proceedings against Portus Alternative Asset Management Inc., alleging the hedge fund misled investors and engaged in...Read more

Leeward Hedge Funds seeks SEC OK
Oct 04/05
Leeward Hedge Funds Inc., the manager of three hedge funds that are sold on a private placement basis to investors in both Canada and offshore, has applied for registration with the U.S. Securities & Exchange Commission -- a s...Read more

Bayou Group Founder Israel, Finance Chief Marino Plead Guilty
Sep 29/05
Sept. 29 (Bloomberg) -- Bayou Group founder Samuel Israel III and finance chief Daniel Marino pleaded guilty to using fake results and a phony auditing firm to lure investors to the $450 million hedge fund, which collapsed this su...Read more

Canadian fund execs acquitted of insider trading
Sep 29/05
By Jonathan StempelNEW YORK (Reuters) - A Canadian regulator on Thursday said it dismissed insider stock trading charges filed against two hedge fund managers as part of a broad investigation into alleged short-selling abuses.A pa...Read more

Hedge fund numbers to shrink greatly - Citigroup
Sep 27/05
MONACO (Reuters) - The number of hedge funds operating globally will shrink sharply over the next five years as rising cost structures and short-lived market trends divide the industry between boutiques and very large multi-strate...Read more

Fund dealers, hedge funds board income trust gravy train
Sep 26/05
OTTAWA - Income trusts are all the rage in Canada, and that has captured the attention of the tax man and hedge funds.On Sept. 8, Minister of Finance Ralph Goodale launched consultations on income trusts, saying: "We need to ...Read more

U.S., Canadian investors hike hedge fund allocations
Sep 26/05
LOS ANGELES - North American institutional investors raised their hedge fund allocations this year while decreasing private equity and real estate allocations, according to Tacoma, Wash.-based Russell Investment Group's biennial s...Read more

UBS Embraces Hedge Fund Risk to Woo Wealthy Clients, Boost Fees
Sep 23/05
Sept. 23 (Bloomberg) -- Seven years after UBS AG lost $700 million in the collapse of Long-Term Capital Management LP, Chief Executive Officer Peter Wuffli is creating a new hedge fund to tap increasing demand for riskier investme...Read more

Portus misused funds- KPMG: Fund used $94.5M for fees, expenses -- not investments
Sep 20/05
Wojtek Dabrowski, Financial Post, Tuesday, September 20, 2005, Portus Alternative Asset Management Inc. allegedly used $95.4-million of investors' money to pay its expenses, referral fees to brokers and to fund the redemptions of ...Read more

Hedge fund Portus to liquidate
Sep 20/05
Portus Alternative Asset Management Inc., the Canadian hedge fund that collapsed earlier this year and has been under government-ordered receivership since March, is headed for liquidation. Although Portus had 18 separate investme...Read more

Hedge fund assets to grow 75% by 2008, TowerGroup predicts
Sep 19/05
Research forecasts compound annual rate of 15%,  By James Langton, New research from TowerGroup predicts that combined hedge fund assets, those of single hedge funds and funds of hedge funds, will increase at a compound annual gro...Read more

Hedge fund performance positive in August, down from July
Sep 15/05
CSFB/Tremont Hedge Fund Index up 0.88% Thursday, September 15, 2005 By James LangtonHedge fund performance remained positive in August, although sliding back from July’s return totals, according to the CSFB/Tremont Hedge Fund Inde...Read more

PAAM Receiver files US$208 million claim in Canadian Court
Sep 12/05
Paul M. Eustace, whose Philadelphia Alternative Asset Management hedge fund was shut down and had its assets seized by the Commodity Futures Trading Commission earlier this year amid fraud allegations, has filed for personal bankr...Read more

Abria appoints vice-president
Sep 06/05
Hedge fund firm Abria Alternative Investments has appointed Brian Kralik, a CA and CFA, as vice-president finance.Kralik comes to Abria from the Ontario Teachers Pension Plan, where he was managed Teachers' investment finance oper...Read more

Receiver Identifies Portus Accounts
Sep 06/05
According to a report issued by the receiver for troubled Canadian hedge fund firm Portus, investigators have identified over 130 accounts at numerous institutions in Canada, the Cayman Islands and the Turks and Caicos Islands wit...Read more

New allegations filed against Portus co-founder
Sep 03/05
The saga surrounding embattled hedge fund company Portus Alternative Asset Management Inc. has taken another bizarre twist with allegations company co-founder Boaz Manor used nearly $12-million (U.S.) of investor money to buy prec...Read more

Germany AG Quietly Passes Into Hedge Fund Hands
Aug 31/05
Aug. 31 (Bloomberg) -- In the past, the giants of German industry and finance looked after one another in a complex web of cross-shareholdings. That has now unraveled. The typical shareholder of a big German company may n...Read more

Pro-Hedge Funds Launches Energy Fund of Funds
Aug 26/05
TORONTO, Aug. 26 /CNW/ - Pro-Hedge Funds, an industry leader in providingCanadian investors unrivaled access to the worlds best money managers andabsolute return investments has done it once again with the announcement ofthe launc...Read more

Hedge fund overhaul coming
Aug 25/05
OSC: Action plan to tackle regulations on fees, referrals, suitability requirements Wojtek DabrowskiFinancial PostThursday, August 25, 2005Following the high-profile downfall of two hedge-fund firms, the Ontario Securities Commiss...Read more

Crescendo Withdraws Dissident Geac Board Nominee
Aug 23/05
Crescendo Investments blinked Tuesday in its stare-down with Canadian software company Geac Computer Corporation Ltd. Eric Rosenfeld, who runs Crescendo and manages the Crescendo Partners II LP hedge fund that owns about 5% of...Read more

Hedge funds assets slide in Q2
Aug 19/05
Global hedge fund assets fell 2% in the second quarter, to $1.06 trillion from $1.08 trillion, the Barclay Group reports. Managed futures assets were flat, at $121 billion.In spite of the second quarter decline, hedge fund assets ...Read more

U.S. brokers probed over hedge funds
Aug 18/05
WASHINGTON -- The U.S. regulator that polices 5,200 brokerages is concerned brokers may be seizing on the popularity of hedge funds to take advantage of non-professional customers, and is investigating the sales practices at some ...Read more

Hearing rescheduled for fund manager Eustace
Aug 17/05
A U.S. court hearing on a preliminary injunction sought by regulators to prohibit hedge fund manager Paul Eustace from fraudulently soliciting investors has been rescheduled to Sept. 15. The Washington-based Commodity Futures Trad...Read more

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