Canadian financial institution ATB Capital Markets has been granted a mandate to sell the remaining assets of failed Toronto-based hedge fund Traynor Ridge Capital Inc, which collapsed last month following the sudden death of its founder, according to a report by Reuters.
The report cites documents filed by receiver Ernst & Young as revealing that the appointment is subject to approval by an Ontario court.
Traynor, which was managing about CAD95m ($65.2m) at the end of September in three TR1 funds, was shut down by the Ontario Securities Commission in October following the death of founder Chris Callahan which left a number of trading firms, including Virtu Financial and JonesTrading Canada, stuck with failed trades.
