Sunday, 19 April 2015
Last updated 9 hours ago
Apr 26 2012 | 2:31am ET
Toronto-based Lawrence Park Capital Partners hopes to grow quickly following a key seeding agreement.
The fixed-income specialist in February won the backing of CI Financial Corp., which took a minority stake in the firm and provided seed capital for its flagship Credit Strategies Fund, which debuted last month. But Lawrence Park co-founder David Fry is thinking much bigger.
Credit Strategies, which returned 0.53% in its first month, currently managed C$36 million. But Fry wants to almost triple that this year and increase it by a factor of almost six by the end of next year.
"We’d like to be a C$100 million by year-end," he told Reuters. "I'm reasonably confident that we'll get there, probably double that for the end of 2013."
Fry and co-founder Andrew Torres say Lawrence Park is offering a strategy that is all too rare in Canada, at a time when opportunities are ripe.
"Those types of activities at most global banks are going the way of the dodo essentially," Fry said. "Our thought really is that we can take that strategy… and put that in a product that we can deliver to Canadian investors who are, from what we can tell, generally starved of alternative fixed-income products."
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…