Wednesday, 1 October 2014
Last updated 14 hours ago
Apr 27 2012 | 4:31am ET
A Toronto hedge fund and its manager have settled allegations that they sought to evade Ontario's registration rules.
The Ontario Securities Commission accused Daniel Sternberg and his Parkwood GP of, not so much trading without a license, but illegally borrowing one. From 2004 through 2011, though Sternberg made all of Parkwood's investment decisions, another, registered firm, Eosphoros Asset Management was listed as the manager of the fund, the OSC alleges. And while Eosphoros collected Parkwood's management and performance fees, it handed between 85% and 95% of that money to a company owned by Sternberg, which had been hired as a consultant.
"In providing the services, Sternberg assisted [Eosphoros] in providing advisory services to and in making investment decisions for the fund, thereby engaging in the business of advising the fund with respect to investing in, buying or selling securities," the OSC alleged. What's more, even after the regulator confronted Sternberg two years ago, extracting a promise that he'd register, he didn't.
"Sternberg's activities during the post-consulting period were indistinguishable from his activities during the consulting period," the regulator said.
Eosphoros was not accused of any wrongdoing in the case.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...