The Canadian hedge fund group Portus Alternative Asset Management had its assets put under a court-ordered receivership with KPMG, according to the Ontario Securities Commission.
Before regulators intervened last month, Portus, managed by Boaz Manor, was taking in investor capital at a rate of close to $15 million per week, having amassed some $650 million in assets. Much of that money had flowed through brokerage intermediaries, which has spurred additional class-action litigation. Meanwhile, Portus has shuttered its primarily managed-account business and laid off the bulk of its staff.
Portus and its fund of funds operation first came under scrutiny when