Tuesday, 5 May 2015
Last updated 2 hours ago
Oct 1 2008 | 9:01am ET
A Toronto-based hedge fund firm said yesterday it had to write down the entire value of a portfolio hedge fund that may have been the victim of fraud.
Northwater Capital Management did not identify the fund in question, which was held by two of its funds of hedge funds. But the firm, which manages C$8.5 billion, including C$4.8 billion in funds of funds, said it chose to write down the value of the fund to zero when calculating the funds’ net asset value for the end of the third quarter yesterday.
“Based upon the information it has received, it is not clear what portion of the trusts’ investments may be recovered, if any,” the firm said in a statement.
According to the firm, its Market-Neutral Trust had about 4.3% of its assets invested with the hedge fund in question; another fund, the Five-Year Market-Neutral Trust, had about 2.3% of its assets in the fund.
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…