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Wednesday, June 19, 2024

General News

Debt Securities Trading Platform in Canada to Link with TradeWeb
Jun 02/05
CanDeal.ca Inc., the owner of an online debt securities trading system open to institutional investors and dealers throughout Canada, announced a technology and marketing agreement with Thomson TradeWeb LLC, Jersey City, N.J. Trad...Read more

AIMA releases Offshore Alternative Fund Director`s Guide
Jun 01/05
The Alternative Investment Management Association (AIMA), the leading global hedge fund and alternative investment industry association, today announced the launch of its Offshore Alternative Fund Directors’ Guide. Created by a Wo...Read more

IDA urges more diligence in handling hedge funds, worth $26.6B in Canada
May 27/05
TORONTO (CP) - The Investment Dealers Association of Canada has raised concerns about hedge funds including the applicability of securities law, market practices and fees. In a report Friday, the IDA said the expansion of hedge fu...Read more

Man Group's Annual Profit Rises 10%; Stock Advances
May 26/05
May 26 (Bloomberg) -- Man Group Plc, the world's largest hedge fund manager, said annual profit rose 10 percent as it made more money from individual investors who pay higher fees and assets increased to $43 billion. Shares of Lon...Read more

Agencies' concerns surprise Norshield
May 25/05
Regulatory concerns regarding the whereabouts of clients' money took Norshield Asset Management Ltd. by "complete surprise," the firm said yesterday, and have failed to derail a Calgary businessman's plans to buy the tro...Read more

Norshield registration suspended
May 24/05
Firm unable to adequately explain investment structure, regulator says Tuesday, May 24, 2005 By  IE StaffThe Ontario Securities Commission issued temporary orders on Friday, suspending the registration of Norshield Asset Managemen...Read more

Hedge Funds, Failing to Produce Solid Returns This Year, Blamed for Array of Wall Street Ills
May 22/05
NEW YORK (AP) - It's become very popular to blame once high-flying hedge funds for an array of Wall Street's ills, from rising oil prices to the market's April slump. And why not? They're unregulated, have grown enormously in doll...Read more

Portus matter referred to RCMP, extradition from Israel not possible: counsel
May 20/05
TORONTO (CP) - The receiver in the Portus Alternative Asset Management crash has reported the matter to the RCMP but there appears to be no way to force a key figure in the hedge fund group to return to Canada from Israel, accordi...Read more

Closer Scrutiny Won't Stop "Hedge Fund Express"
May 20/05
May 20 (Bloomberg) -- For all its runaway-train dramatics, the great hedge-fund success story runs on a familiar track. It keeps passing the same crossings and mileposts reached by mutual funds 10, 15 or 20 years ago. This seen-be...Read more

Portus heads took $3-million: receiver
May 18/05
Former officials at Portus Alternative Asset Management Inc. fraudulently siphoned $3-million from the hedge fund company into a private bank account while it was under investigation by regulators, according to allegations in a re...Read more

Temporary Orders Against Portus Extended Again
May 17/05
The Ontario Securities Commission has decided to extend an order against hedge fund Portus Alternative Asset Management and Portus executive Boaz Manor, barring them from carrying on any business activity pending a hearing now res...Read more

Portus's Manor Is Too Sick to Talk to Investigators, KPMG Says
May 17/05
May 17 (Bloomberg) -- Boaz Manor, co-founder of Canadian hedge fund Portus Alternative Asset Management, is too sick to speak with investigators probing allegations of fraud at the fund, KPMG LLP said in a court filing. KPMG, the ...Read more

State Street looks north
May 16/05
State Street Corp., the low-profile financial services company, is targeting Canada's booming hedge fund sector for growth.By year end, the Boston firm plans to "actively pursue opportunities" to service this country's e...Read more

OSC Issues Temporary Order Suspending Registration Of Olympus & Reinstates Registration Of Norshield
May 16/05
TORONTO, May 16 /CNW/ - The Ontario Securities Commission (OSC) issuedTemporary Orders on May 13, 2005, suspending the registration of NorshieldAsset Management (Canada) Ltd. (Norshield) and Olympus United Group Inc.("Olympus...Read more

Algorithmics Names Capital Management Co-Directors
May 16/05
TORONTO (HedgeWorld.com)—Algorithmics Inc. named Kim Olson to serve as co-managing director of its capital management business, along with Mina Wallace. Ms. Olson currently is managing director of Fitch Ratings' credit policy grou...Read more

OSC extends temporary orders against Portus
May 16/05
The Ontario Securities Commission today continued the temporary orders against Portus Alternative Asset Management Inc. and Boaz Manor, president of Portus, until September 16.They were issued on February 2 and 10, 2005. The OSC s...Read more

Front Street hedge fund closes $178 million offering
May 16/05
Long/Short Income Fund begins trading on TSX Monday, May 16, 2005 By  IE StaffFront Street Long/Short Income Fund today announced the closing of its initial public offering for gross proceeds of $178 million. The offering price wa...Read more

The role of the OSC in Portus
May 13/05
With only a few weeks to go before he leaves the helm of the Ontario Securities Commission, you would have thought David Brown would want to check out on a moral high note. It was surprising, therefore, that one of his final publi...Read more

A 100-Year Hedge Fund Storm 7 Years Later?
May 13/05
May 13 (Bloomberg) -- All week, there's been a not-so-subtle undercurrent in financial markets of potential hedge fund losses; of popular General Motors trades (long the bonds, short the stock) gone sour, courtesy of Standard &...Read more

Suitor unfazed by allegations v. Norshield
May 10/05
The head of Aragon Investments Corp., which has signed a letter of intent to buy Norshield Asset Management (Canada) Ltd., said he "does not see any merit" to allegations against the asset manager and chief executivfe Jo...Read more

Norshield acquirer's investor message: Keep faith
May 10/05
The prospective new owner of hedge fund company Norshield Financial Corp. is urging investors to stick with the business despite its troubles."I think this will all go away and we will get back to making money," said Ted...Read more

Canada regulator says Portus scandal "black mark"
May 10/05
TORONTO, May 10 (Reuters) - A regulatory scandal involving Portus Asset Management Inc. has become a "black mark" on Canada's hedge fund industry, the head of the country's most powerful securities regulator said on Tues...Read more

Hedge Funds Assets Hit $1.5 trillion
May 06/05
WEST PALM BEACH, FL (www.hedgeco.net) - A new survey conducted by the fourth Hedge Fund Manager Bi-Annual Hedge Fund Administrator, shows that the global hedge fund industry assets has reached the $1.5 trillion mark. During the pa...Read more

Norshield Financial to sell investment management business to Aragon
May 06/05
MONTREAL (CP) - Norshield Financial Group, facing a liquidity crisis with investors demanding money back from an underperforming hedge fund, has sold its investment management business, the company announced Friday.Montreal-based ...Read more

Fraud results in 25-year trading ban
May 06/05
VANCOUVER (CP) -- A B.C. man and his company Chivas Hedge Fund Ltd. are banned from trading in securities for 25 years after he admitted to committing fraud that cost investors hundreds of thousands of dollars.  The British Columb...Read more

Manulife CEO rails against Portus-How did Manor just walk away?
May 06/05
It is "scandalous" that Boaz Manor, Portus Alternative Asset Management Inc.'s co-founder, was allowed to leave Canada for Israel, says Dominic D'Alessandro, Manulife Financial Corp.'s chief executive.Speaking after his ...Read more

Montreal firm freezes hedge fund
May 05/05
Norshield Financial Group shocked investors yesterday by suspending redemptions on its core hedge fund product, freezing an estimated $300-million (U.S.) in investment dollars and marking the second time in two months that a hedge...Read more

Greenspan: Hot Institutional Money in Hedge Funds Could Strain Markets
May 05/05
By Chidem Kurdas, New York Bureau Chief Thursday, May 05, 2005 12:21:03 PM ET NEW YORK (HedgeWorld.com)—Federal Reserve Board Chairman Alan Greenspan told a Federal Reserve Bank of Chicago conference Thursday that there are legiti...Read more

SciVest buys stake in Quant
May 05/05
SciVest Canadian Holdings has purchased a "significant interest" in Quant Investment Strategies, a Toronto-based developer of quantitative investment strategies."Quant has a unique quantitative investment process th...Read more

Montreal Exchange bemoans shortage of derivatives proficiency among brokers
May 03/05
TORONTO (CP) - If you don't buy and sell equity options - or understand them - it's probably at least partly because your stockbroker doesn't understand them either, Montreal Exchange executives said this week. One of the main cha...Read more

Provincial Court Releases Some Hardship Funds in Portus Affair
May 03/05
By Christopher Faille, Reporter Tuesday, May 03, 2005 3:56:26 PM ET TORONTO (HedgeWorld.com)—An Ontario court ordered the creation of a hardship committee for investors in the Portus hedge fund group, and called for the examinatio...Read more

Worldwide mutual fund assets top $16 trillion
May 02/05
Worldwide mutual fund assets grew 14 percent in 2004, topping $16 trillion for the first time, the Investment Company Institute said on Monday. The ICI, a trade and lobbying group for the U.S. fund industry, compiles the global st...Read more

Hedge-Fund Stakes In Wendy's Spur Breakup-Value Analysis
Apr 29/05
DES MOINES, Iowa (Dow Jones)--Spurred by the disclosure of two major hedge- fund stakes in Wendy's International Inc. (WEN), analysts are calculating the restaurant company's potential breakup value.As might be expected, there's s...Read more

Advocis Responds in Defense of Advisors-Upholds Advisor Professionalism in Portus Case
Apr 29/05
Advocis, The Financial Advisors Association of Canada, today responded to recent comments by various parties on the role of advisors in the Portus case.“We take strong objection to the implication that advisors who referred their ...Read more

Regulators target Portus advisers
Apr 28/05
Securities regulators across Canada are preparing for a wide-ranging crackdown on the retail investment industry in the wake of the scandal at Portus Alternative Asset Management Inc., warning that some firms and advisers who refe...Read more

AIMA publishes study on Asset Pricing and Fund Valuation in the Hedge Fund Industry
Apr 28/05
The Alternative Investment Management Association (AIMA), the leading global hedge fund and alternative investment industry association, today announced the results of the first comprehensive global survey of hedge fund asset pric...Read more

Hedge fund aims to chew into Wendy's
Apr 27/05
WASHINGTON -- Canadian icon Tim Hortons -- the crown jewel of Wendy's International Inc. fast-food empire -- could wind up on the auction block if hedge fund Pershing Square Capital Management has its way.Pershing, run by veteran ...Read more

Tom Hockin sets date for retirement
Apr 27/05
Tom Hockin is planning to step down as president and chief executive officer of the Investment Funds Institute of Canada in October, the trade organization announced Wednesday.Hockin led IFIC over the past 11 years, during which t...Read more

Portus numbers don't add up
Apr 27/05
Troubled Canadian hedge fund Portus Alternative Asset Management owes investors C$400 million (US$324 million) more than it has to pay out, according to the latest tally of the firm's assets and liabilities by the now-defunct firm...Read more

Portus Co-Founder to Cooperate With Canadian Securities Probe
Apr 27/05
Boaz Manor, co-founder of hedge fund Portus Alternative Asset Management, agreed to speak with the Canadian unit of accounting firm KPMG LLP, which is investigating possible fraud at the fund, a lawyer said. KPMG, the world's four...Read more

Canadian hedge fund collapse hits confidence
Apr 26/05
The collapse of a high-flying Canadian hedge fund has dealt a setback to an industry struggling to convince retail investors that its products are reputable and safe.Toronto-based Portus Alternative Asset Management went into rece...Read more

AIMA names executive staff
Apr 25/05
The Canadian chapter of the Alternative Investment Management Association (AIMA Canada) has named its executive committee for 2005-2006, with Arrow Hedge Partners' Jim McGovern continuing as chairman.New members of the committee i...Read more

Cdn. Natural posts huge loss from hedging
Apr 22/05
Calgary — Canadian Natural Resources Ltd. said yesterday that it booked an eye-popping $679-million loss on its hedging program for the first quarter, but oil patch firms say this kind of red accounting ink is likely to become les...Read more

IFB calls OSC to bear cost of Portus investigation
Apr 18/05
Independent Financial Brokers of Canada (IFB) is calling on the Ontario Securities Commission OSC take responsibility for the cost of investigation in Portus Alternative Asset Management. Last week, IFB President David Barber...Read more

Algorithmics Releases New Version of ERM Software
Apr 15/05
Algorithmics Inc. released a new version of its Algo Suite enterprise risk management software.The new version, Algo Suite 4.5, includes advances in integration of economic capital measurement and regulatory compliance, new cred...Read more

Portus's global reach extensive, documents show
Apr 12/05
Collapsed hedge fund company Portus Alternative Asset Management Inc. had extensive international operations and a special sales team that targeted clients in Asia, court documents reveal. Toronto-based Portus is in receivers...Read more

Judge orders Portus co-founder to return for KPMG interview
Apr 09/05
An Ontario judge has ordered that the co-founder of Portus Alternative Asset Management Inc. be told to show up for an interview with a receiver that's trying to track down $750-million worth of company assets. If Boaz Manor ...Read more

Portus Asset Management receiver asking court OK to seek bankruptcy order
Apr 07/05
TORONTO (Canadian Press) - The court-appointed receiver in the case of the Portus hedge fund group intends to ask for judicial authorization Friday to seek a bankruptcy order. KPMG Inc. says in a notice of motion dated Tue...Read more

KPMG seeks Portus founder
Apr 07/05
A co-founder of Portus Alternative Asset Management Inc. left the country for Israel just days before a court-appointed receiver planned to interview him as part of its probe into the collapsed hedge fund firm. KPMG LLP, the ...Read more

Manulife Financial chides competitors for not offering guarantees on Portus
Mar 31/05
TORONTO (CP) - Manulife Financial publicly scolded its competitors Wednesday for not providing angst-ridden investors money-back guarantees similar to the one offered by Manulife in the wake of the Portus scandal. Manulife o...Read more

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