Former Claymore founder launches new manager Purpose
By Rick Baert | January 11, 2013 4:08 pm
Som Seif, the former president and CEO of Claymore Investments, launched Purpose Investments on Thursday, a Toronto-based money manager that plans to offer ETFs, equity, fixed-income and alternative strategies for institutional and retail clients, said Dan Rubin, vice president, marketing, in an interview.
Purpose filed a preliminary prospectus to launch NexC Partners, a closed-end investment fund investing in North American equities; up to 30% of NexC's assets will be invested directly in Purpose, according to the company's website.
Purpose also hired Breton Hill Capital as a subadviser.