There is no doubt that the shape of the Canadian industry has changed over the years, and will continue to change.
High-caliber managers continue to enter the industry – typically from large financial institutions – creating
additional choice and opportunity for Canadian and international investors. As well, we have seen the number of
strategies being traded within Canada expand and some Canadian-based managers focused on international
markets. This has resulted in a dramatic shift and growth in the AUM of the industry, which is estimated, to have
grown from $12 billion five years ago to over $30 billion today. It is interesting to note a record number of
Canadian based hedge funds have “hard closed” over the past 12 months.