Ontario Securities Commission has put into receivership a fund of hedge funds manager with 26,000 retail customers in a move seen as putting back the development of retail investment in hedge funds. The commission said it had obtained a court order appointing KPMG as the receiver at Portus Alternative Asset Management.

The firm is thought to have been Canada's fastest-growing retail hedge fund firm. It had been attracting C$20m (€12m) a week, according to the regulator, and had increased its assets to C$717m from 26,000 retail customers.