Sunday, 3 May 2015
Last updated 2 days ago
Jun 7 2010 | 1:58pm ET
Two Canadian bankers have launched a hedge fund with terms designed to appeal to wary investors.
East Coast Fund Management, the brainchild of John Schumacher and Mike MacBain, will eschew standard hedge fund fees and restrictive redemption policies, the Globe and Mail reports. The Toronto-based firm will charge a variable management fee—starting at nothing for those who invest before July 1, and will only take its 20% cut of profits after it has returned at least 4% per year.
“We think 2 and 20 is ridiculous,” Schumacher, former co-CEO of Scotia Capital, told the newspaper.
East Coast will also feature a permanent high-watermark and a lockup of just six months.
“We don't want to hold anybody’s money for ransom,” MacBain formerly head of debt capital markets at RBC Dominion Securities and president of TD Securities, explained.
MacBain and Schumacher hope to raise C$100 million for the credit fund, which will target returns of between 8% and 12%. So far, that hasn’t proven a problem: In a year of running their own money, the East Coast founders have returned 31%.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…