CANADA - An unnamed bank, pension fund and wealth management firm have thrown C$150m (US$149.4m) into a hedge fund incubator fund.
Barry Allan, president and chief executive officer, Marret, said: "Both Arrow and Marret have extensive experience in identifying top hedge fund managers and in seeding and managing early stage hedge funds. We realise that the initial capital is often the most difficult to obtain.
The incubator fund will also provide operational and risk management support and capital raising assistance.
Jim McGovern, managing director and CEO, Arrow added: "It's the first fund of its kind in Canada and we believe that the fund will give investors unparalleled access to the next generation of top flight Canadian investment managers. We anticipate seeding up to 10 managers."
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