Norshield Saga: An in-depth look

(April 2006) Largely based in the Quebec market, the story of Norshield Asset Management may not have attracted the same national media attention as Portus, but the story is just as compelling: a labyrinth of inter-related companies, a regulatory crackdown and investor funds vanishing into thin air. Investigative journalist Scot Blythe has been digging into this story, covering developments as they surface. Here’s a look back on what he has discovered so far.

Potential Norshield creditors swell Some 2,000 institutional and retail investors looking at as little as three cents on the dollar on the $330 million they placed with failed Montreal hedge fund complex Norshield Financial Group have company. About 1,600 creditors of another Montreal firm whose principals had long-standing business associations with Norshield also have claims to the firm’s scant $25 million in assets still to be recovered, according to recently-released documents. For the full story, please click here.

A few cents on the dollar for Norshield investors The 1,900 Canadian retail investors who put $130 million into Olympus Funds aren’t likely to see more than six to eight cents on the dollar, Norshield Group’s receiver, RSM Richter has told an investor meeting. To read more about the meeting, please click here.

Norshield receiver finds little money Retail investors in the failed Norshield Group of companies, which include Norshield Asset Management and Olympus United Funds, may only get back $8.5 million of the $132 million they placed in Norshield funds, according to the second report of receiver RSM Richter. To read the full story, please click here.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.