The sudden death of a Toronto-based hedge fund manager has prompted an investigation into tens of millions of dollars in losses that the fund appears to have run up. Three brokerage firms have suffered losses totaling $97 million to $108 million after completing trades for Traynor Ridge Capital. The founder and sole shareholder of the hedge fund, Christopher Callahan, was reported dead to the securities commission. The death is not considered suspicious, according to the Toronto Police Service.
| The sudden death of a Toronto -based hedge fund manager has prompted an investigation into tens of millions of dollars in losses that the fund appears to have run up.Traynor Ridge Capital
A spokesperson for the Toronto Police Service said the death was not considered suspicious in nature and police were not investigating. “Traynor Ridge was a client of Virtu,” Andrew Smith, a spokesman for the New York-based trading firm, said by email. “We are working with our client and regulators to help resolve the misconduct that took place at Traynor. Our exposure was not material. We are keeping the principals at Traynor Ridge in our thoughts and prayers at this difficult time for them.”Another firm that appears to have been stung is Toronto-based Westcourt Capital, which puts together portfolios using third-party funds.
Traynor Ridge’s TR1 Fund had about $C95 million in assets under management and had reported about a 3 per cent loss in the first nine months of the year, according to a fund summary dated September 30, prepared by BMO Capital Markets and seen by Bloomberg. The fund peaked at about $C125 million, according to people familiar with the matter.“It appears to the Commission that Traynor is in serious financial difficulty,” the Ontario securities regulator said in its filing.
Hedge Fund Investigation Losses Brokerage Firms Death Toronto
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