QUÉBEC, Feb. 11, 2021 /CNW Telbec/ – The government is financially supporting the Québec Emerging Manager Program (QEMP) by investing an additional $50 million in the QEMP Fund through Investissement Québec. This program enhancement is being carried out in partnership with the Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ, which will inject $25 million each, as well as with Fondaction, which will contribute $10 million. Among other things, the QEMP aims to promote financial entrepreneurship in Québec by awarding mandates to local emerging managers and create a mentoring framework for these new managers.
The QEMP was launched in the wake of the entrepreneurship project of Finance Montréal – Québec’s Financial Cluster, to stimulate financial entrepreneurship in Québec and ensure the financial sector’s influence on the local, national and international scenes. It enables institutional investors to diversify their investment strategies and support Québec managers.
This investment meets several of the government’s objectives, including supporting the QEMP, encouraging the creation of new management teams and supporting teams already established in Québec.
Thanks to this investment, the program will be able to award mandates to new managers, and the QEMP Fund will reach close to $400 million in assets under management. Since the launch of the QEMP, ten fund managers have been supported through the program and two of them have graduated from the program.
Quote:
“The investment announced today reflects our commitment to support the rise of new managers and ensure a strong succession in the financial sector. I would like to commend the work of Finance Montréal and the QEMP Advisory Committee, as well as the participation of the Caisse de dépôt et placement du Québec, the Fonds de solidarité FTQ and Fondaction, which will encourage other potential investors to contribute to this unique and innovative program.”
Eric Girard, Minister of Finance
“The growth of financial entrepreneurship and the development of local portfolio managers in Québec should be encouraged. With this investment, we are giving the asset management sector tools to innovate and shine locally and eventually internationally.”
Pierre Fitzgibbon, Minister of Economy and Innovation
Highlights:
the Québec government will contribute $50 million to the QEMP through Investissement Québec;
the Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ will also invest $25 million each, while Fondaction will provide $10 million;
among other things, the QEMP will help inject additional capital into the promotion of financial entrepreneurship in Québec by awarding mandates to local emerging managers and offering mentorship to them.
Related links: Québec Emerging Manager Program: http://pgeq.ca/
SOURCE Cabinet du ministre des Finances
For further information: Fanny Beaudry-Campeau, Director of Communications, Office of the Minister of Finance, Phone: 514-222-6782; Mathieu St-Amand, Director of Communications, Office of the Minister of Economy and Innovation, Phone: 418-691-5650
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
