Former Claymore founder launches new manager Purpose

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.

Mr. Seif, who is founder and CEO at Purpose Investments, led Claymore until the ETF manager was sold to BlackRock (BLK) in March 2012. Mr. Seif had started Claymore, also in Toronto, in January 2005.

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.