TORONTO (HedgeWorld.com)–A startup Canadian hedge fund firm launched its first hedge fund–a principal protected note–and has additional funds in the works.
Pro-Hedge Funds Inc. launched Pro-Hedge Principal Protected Notes, Univest Series 1, a structured hedge fund linked to the performance of Univest Ltd. Soci?t? G?n?rale, Paris, is providing the 100% principal protection for the note, which matures in December of 2010.
Univest is managed by Norshield Financial Group, Montreal, an alternatives manager with C$900 million (US$667 million) under management. The fund has 14 hedge funds investing in nine different styles, said Stuart McKinnon, president and chief executive of Pro-Hedge.