Always look under the bonnet
The closure and enforced receivership of Canadian hedge fund Portus has spread fear throughout Canada. Although dealers say it hasn't yet affected sales of hedge fund-linked structured products, the advisory business needs an overhaul and marketing practices are under the spotlight. By Patrick Fletcher
Two years, 26,000 investors and C$833 million after it opened for business, Toronto-based Portus Asset Management was closed on March 4 by local regulator the Ontario Securities Commission (OSC). Amid rumours of bungled investments and wire transfers to Cayman Island accounts, the OSC forcibly placed the business into receivership, appointing accountancy firm KPMG as its receiver. Since then, further reports of shady deals and one manager's swift exit from Canada have left investors
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