Tuesday, 30 September 2014
Last updated 3 hours ago
Dec 2 2008 | 9:00am ET
A Canadian insurer has settled a lawsuit over losses in a collapsed hedge fund.
Manulife Financial, which sued Société Général (Canada) last year on behalf of its investors over the SG’s alleged role in Portus Alternative Asset Management’s failure in 2005, Manulife was the largest investor in Portus, which imploded in 2005. The hedge fund’s co-founders, Boaz Manor and Michael Mendelson, were charged with fraud and money laundering, with the latter pleading guilty. Manor, who fled to Israel after Portus collapsed before returning to Canada last year.
Under the terms of the deal, SG will repurchased C$611 million (US$497 million) in deposit notes backed by Portus-issued securities and now held by Portus administrator KPMG. SG continues to deny any wrongdoing,
Manulife had some C$246 million invested in the principal-protected Portus notes, which it bought from SG. In 2005, the insurer repaid its clients that had invested in Portus on its advice.
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...