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Benedicte Gravrand, Opalesque Geneva: Opalesque reports on a handful of Canadian managers. The hedge fund industry in this northernmost part of the Americas is young and agile and looking to use these very advantages to become a force in global asset management. Part 1 here.

A newcomer: NorthStream Capital NorthStream Capital aims to be a private investment firm that wants to capitalize on the prior investment experience of the founders without the limitations and conflicts of interest associated with operating at a Canadian investment dealer. It was founded by Jeffrey Gavarkovs, former manager of a proprietary trading portfolio of a major Canadian investment dealer, and Robert Ulicki, president. The managers will invest in distressed debt, bankruptcies and soft activism in Canada.

The NorthStream Capital Master Fund Ltd. is due to be launched on 1st September 2008. "The investment strategy I am employing requires a little longer incubation time," Mr. Gavarkovs told Opalesque on during his Geneva road show. "The launch is at a good time for an investment opportunity." The fund will use a proprietary trading portfolio and its target is to return above the Credit Suisse/Tremont Hedge Fund index and the Event Driven Distressed Index (see latest returns ......................

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