|
|
René Perreault By Benedicte Gravrand, Opalesque Geneva:
It was said late last year that quite a few Canadian hedge fund managers and traders who had made a career in New York or London and subsequently lost their jobs after the crisis, were looking to come home and set up on their own. However, raising capital is very hard in Canada.
A couple of hedge fund managers who just launched there found that "there are a couple of trillion dollars in Canada invested in mutual funds and pension funds, but very little capital available for startup asset managers." The hurdle is most often "size and track record. And if you have neither, or one of, it's very difficult," they told The Globe and Mail, a Canadian daily.
But some pension funds in Quebec went against that trend and together created a $175m fund to seed new managers: the SARA Fund (Fonds Stratégique Rendements Absolu HRS), managed by HR Stratgies, a Québec investment management company, on behalf of the Caisse de dépot et placement du Québec ($60m), Fondaction CSN ($55m), Fonds de solidarité FTQ ($50m) and the Régime de retraite de la CSN ($10m).
"In Québec, we have managers who are just as qualified as those of other major financial centres," said René Perreault, President of HR Strategies, in a ...................... To view our full article Click here
|
|
RSS
