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Canadian I-Bank Plans Multi-Strategy Hedge Fund
December 18, 2007
Toronto-based investment bank GMP Capital Trust is set to launch a hedge fund headed by co-founder Michael Wekerle.
The firm will announce plans for a C$50 million hedge fund—to debut next year—focusing on equity long/short, credit, algorithmic trading and options-based volatility trading, the Globe and Mail reports.
GMP is expected to provide C$20 million in initial capital.
Wekerle, who co-founded GMP in 1995, will continue to run the bank’s equity desk in addition to his new duties. At the hedge fund, he’ll be assisted by Jason Marks, recruited from TD Securities to co-launch the fund with Wekerle. GMP financial services analyst Tim Lazaris will also work on the new product.
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