Traynor Ridge Capital Inc.

Last updated
Traynor Ridge Capital Inc.
Industry Financial services
Founded2020
FateReceivership
Headquarters
Toronto, Ontario
,
Canada
Key people
Christopher Callahan

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 Callahan. 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]

Shortly after being notified of Callahan's death, the OSC applied for a cease trade order on the firm. Callahan 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

  1. 1 2 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.
  2. ↑ 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.
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