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AltAssets – Florida’s State Board of Administration has launched a $250m growth capital fund of funds that will invest in technology and growth-related businesses with a presence in the US state.
The Florida Growth Fund, to be managed by private equity fund of funds manager Hamilton Lane, will invest on behalf of the Florida Retirement System Pension Fund.
“Florida needs leadership to develop economic growth, because this is one of the biggest issues currently facing our state,” said Attorney General McCollum, one of the SBA’s Trustees. “We have to find a balanced way to stimulate our economy and solve these problems rather than simply relying on federal handouts.”
West Palm Beach (HedgeCo.net) – NorthPoint Trading Partners, LLC has opened a new office in Chicago, IL., with 12 year industry veteran, Michael Ferro, as head. Ferro has held positions at Genworth Financial, Knight Capital Markets, and X-Change Financial Access. He is experienced in both the trading and operations aspects of the buy and sell side, the company said.
“As we continue to expand our presence nationwide, we are very fortunate to have someone with Michael’s talent and experience join our team,” says Douglas Nelson, Chief Executive Officer of NorthPoint Trading Partners, LLC. Atlanta based NorthPoint opened also opened an office in Connecticut earlier in the year.
NorthPoint is an institutional brokerage and fund services company working with small and medium sized hedge funds.
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Toronto Star- In one of Canada’s biggest investment scandals, regulators pulled the plug on Portus Alternative Asset Management Inc. in early 2005.
The now-bankrupt Toronto company was selling risky hedge funds to ordinary investors, using a complex structure that avoided mandatory disclosure in a prospectus.
Luckily, the 26,000 people who invested more than $700 million in Portus products didn’t lose everything.
Clients of Manulife Financial Corp. were reimbursed in full – with a payout of $246 million by the insurer. Other Portus investors recouped most of their money through receivers last year.
