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February 24, 2006
Investors in Norshield funds see dismal returns
Most investors look at hedge funds to reduce risk and diversify their portfolio. At times, decisions go wrong, as was the case with the hedge funds managed by the Norshield Financial Group.
According to recent reports, it has been indicated that investors who had invested money in the hedge funds managed by the group would get back a maximum of 10 cents for every dollar that was invested. In the worst-case scenario, it could also be possible that investors get no more than 3 cents per dollar. And at the same time, they would get this money only after a wait of close to three years.
A number of parties have been held responsible for the situation. This list includes senior management, regulators, auditors and financial advisers. Globeandmail.com reports:
Montreal-based Norshield, considered Canada's first hedge fund, was founded in the early 1980s by John Xanthoudakis. It once boasted more than $1-billion in total assets.
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