Globe and Mail – There are some signs that hedge funds — the beat-up asset class beset with scandal last year — are poised for a recovery.
“On the institution side, we’re getting a lot of traction and retail is coming back,” said François Godri, senior vice-president of sales at Lake Shore Institutional and Dealer Relations. The British-based alternative asset manager oversees about $900-million (U.S.) and is stepping up its presence in Canada.
The 2005 collapse of Portus Alternative Asset Management Inc. and Norshield Financial Group “were a kick in the knees,” Calgary-based Mr. Godri said. “But the dealerships will come out of it stronger.”
Indeed, there was evidence last week that investors are rethinking hedge funds. On March 1, UBS Canada opened a hedge fund administrative office in Toronto, part of the brokerage’s “beefed up” support for expanding business from offshore and Canadian hedge funds, spokesman Graeme Harris said.
