Wednesday, 17 September 2014
Last updated 18 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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