Thursday, 24 July 2014
Last updated 5 hours ago
Mar 9 2007 | 2:38pm ET
Toronto-based Friedberg Mercantile Group and Niagara Capital Partners have launched the Niagara Discovery Fund, a fund of CTAs. So far, the fund of funds has invested in one CTA, Tennessee-based Covenant Capital Management.
Michael Grant, president of Niagara Capital, said the vehicle is in the process of adding additional managers to its portfolio, and will carry a maximum of six underlying managers. “We like people without a lot of money under management (under US$50 million) and we would want to see a three-year track record,” he said.
Since launch in November 2006, the roughly US$5 million fund has been relatively flat, according to Grant. Covenant’s Original program, a systematic diversified futures strategy, was down some 6% since November 2006, according to public databases. Its Aggressive Fund has fared better, up about 1.9% since November 2006. Albert Friedberg, founder of Friedberg, is the portfolio manager.
The new offering charges a 2% management fee and 20% performance fee, with a US$100,000 minimum investment requirement. The fund is registered in Ontario, Canada, and is not available to non-Canadian investors. The Discovery fund is the second offering from the Friedberg-Niagara partnership.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…