Traynor Ridge Capital Inc. was a Canadian hedge fund firm, based in Toronto, Ontario, that was placed into receivership in November 2023, shortly after the unexplained death of its 30-year old founder, Christopher Callaghan. The firm allegedly had $94 million in assets as of September 30, 2023 but the Ontario Securities Commission ("OSC") stated in early December that the entire amount may be lost in a series of failed trades executed in October.[1]
| Industry | Financial services |
|---|---|
| Founded | 2020 |
| Fate | Receivership |
| Headquarters | Toronto, Ontario , |
Key people | Christopher Callaghan |
Shortly after being notified of Callaghan's death, the OSC applied for a cease trade order on the firm. Callaghan was the portfolio manager, trader and compliance officer for Traynor Ridge. With his passing, the firm was non-functional and subject to claims for settlements from at least three brokers.[2] Virtu Financial Inc., Echelon Wealth Partners Inc. and JonesTrading Canada all executed trades on behalf of Traynor Ridge but then Traynor Ridge did not settle (i.e., pay for) the trades.[1]
References
edit- ^ a b O'Hara, Clare; Milstead, David (18 December 2023). "Receiver says there's little cash at Traynor Ridge". The Globe and Mail. Retrieved 23 December 2023.
- ^ Dobby, Christine; Odeh, Layan; Duarte, Esteban (3 November 2023). "Ontario hedge fund embroiled in chaos after manager's death placed in receivership". National Post. Archived from the original on 4 November 2023. Retrieved 23 December 2023.