Ernst & Young (EY), the receiver appointed to handle the winding up of failed Canadian hedge fund Traynor Ridge Capital, is looking to team up with an investment adviser to assist in the sale of the firm’s assets, according to a report by Bloomberg.
EY has invited firm’s with “a high-level strategy and work plan for the disposition” of Traynor’s securities to apply for the job by 30 November.
Operations at Toronto-based Traynor, which had assets of around CAD95 million ($69.4 million) at the end of September, were halted by the Ontario Securities Commission (OSC) last month, following the sudden death of founder Chris Callahan.
The OSC acted after several trading firms were left facing losses from failed trades executed on Traynor’s behalf. According to court documents, companies facing potential losses totalling between CAD85m and CAD95m include Virtu Financial Inc’s Canadian unit, Echelon Wealth Partners Inc, National Bank of Canada and JonesTrading Canada Inc, according to documents in the case.
