Hedge Funds

Canada's SciVest crafts new tax-efficient fund

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The Toronto-based market-neutral specialist SciVest is planning to launch its first new hedge fund since the group merged with the Canadian analytics and asset management group Quant Investment Strategies late last year. The new SciVest Income Plus Fund will be managed by Dr. John Schmitz, with support from Quant's Craig Lee.

SciVest Income Plus Fund, which was expected to begin trading at the end of September, is the fourth market-neutral strategy from Schmitz's $200 million asset management group. The new fund will be different in that it aims to provide investors with maximum tax efficiency, targeting net returns of