Friday, 22 May 2015
Last updated 5 hours ago
Jan 19 2011 | 4:58am ET
The Royal Bank of Canada has closed its award-winning event-driven hedge fund to new investors.
RBC Global Asset Management’s PH&N Absolute Return Fund stopped taking on new clients on Friday, The New York Times reports. The eight-year-old fund has enjoyed annualized returns in excess of 16% since inception and was named “Opportunistic Hedge Fund of the Year” at last year’s Canadian Investment Awards.
“After thorough consideration, we made the decision to cap the fund in the interest of our existing clients,” Hanif Mamdani, head of alternatives at RBC, told the Times. “The fund has been very successful in achieving its investment objectives and has therefore enjoyed rapid growth in assets. As a result, we believe it is prudent to take a period of time to accommodate the recent growth in assets under management.”
The PH&N fund manages US$675 million.
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…