Toronto traders in $900m start

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In one of the quietest launches by a top-rated proprietary trading team for some time, New York-based Fore Advisors has started its global convertible fund and is running close to $800 million of assets.

The group, which has offices in New York and London, is made up of the former Toronto Dominion Securities proprietary trading team. Close to $700 million of the assets came from the Canadian bank with a further $100 million from partners and outside investors.

The team of 20 decided to spin out of Toronto Dominion in order to take on additional assets and are targeting $1.5