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7:30 a.m.
EY seeks adviser to assist liquidate failed hedge fund Traynor Ridge
The receiver in control of failed Canadian hedge fund Traynor Ridge Capital Inc. is trying to rent an funding adviser to assist promote its belongings.
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Ernst & Younger Inc. posted a discover Nov. 23 calling for funding companies to use for the job by Nov. 30 with “a high-level strategy and work plan for the disposition” of Traynor’s portfolios.
Toronto-based Traynor, which had about $95 million in belongings beneath administration on the finish of September, was shut down by regulators in the province of Ontario final month after the sudden demise of its founder, Chris Callahan.
The hedge fund supervisor left a variety of buying and selling companies caught with “failed trades” — brokers had executed trades on behalf of the agency however couldn’t accumulate cost. The scenario has ensnared firms together with Virtu Monetary Inc.’s Canadian unit, Echelon Wealth Companions Inc., National Bank of Canada and JonesTrading Canada Inc., in accordance with paperwork within the case.
Final month, because it froze Traynor from making additional trades, the Ontario Securities Fee stated that three companies it didn’t title had been on the hook for $85 million to $95 million because of trades made on behalf of the agency.
Bloomberg
Earlier than the opening bell
European shares edged towards a weekly achieve after European Central Financial institution President Christine Lagarde stated policymakers are able to pause after a tightening cycle that dangers plunging the euro space right into a recession.
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The Stoxx Europe 600 index was about 0.2 per cent greater, on observe for its finest month since January.
United States futures had been little modified as inventory markets reopen as we speak after the Thanksgiving Day vacation.
In Canada, the S&P/TSX composite index closed up 2.70 factors at 20,116.66 on Thursday.
Bloomberg
What to observe as we speak
Statistics Canada will launch retail gross sales for October this morning.
The Canadian Affiliation of Power Contractors hosts a State of the Business occasion in Calgary. The occasion contains the discharge and dialogue of the 2023/24 drilling and repair rig forecast. Alberta Premier Danielle Smith delivers the keynote tackle.
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Further reporting by The Canadian Press, Related Press and Bloomberg
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