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.<\/p>\n
“On the institution side, we’re getting a lot of traction and retail is coming back,” said Fran\u00c3\u0192\u00c2\u00a7ois 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.<\/p>\n
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.”<\/p>\n
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.<\/p>\n