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Established in 1999, Toronto's Trapeze Asset Management Inc. (TAMI), headed by Randall Abramson & Herbert Abramson, provides discretionary portfolio management for institutions and high net worth individuals, primarily through separately managed accounts. Go to full description...
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Trapeze Asset Management Inc., Toronto Reviews (2)
During the 2008 meltdown, in the face of all evidence to the contrary, Mr. Abramson dismissed the downturn, made no move to plan for the possibility that he might be wrong, and kept his investors fully exposed to a free-falling portfolio that saw many of them loose 50-90% of their managed assets.
In 2012, Mr. Abramson admitted to the Ontario Securities Commission that he had breached regulations by "inadequate collection of some clients' investment needs, objectives and risk tolerance.", and that he had "inaccurately assessed the risk associated with many of the investments purchased on behalf of clients in managed accounts."
Mr. Abramson may have admitted his guilt to the OSC in order to protect his license, but he denied any responsibility to the clients who approached him for a settlement in order to protect his fortune, "we believe the actions are without merit and each of the actions will be vigorously defended."
As for Mr. Abramson's "value investor" approach, "We're as stingy as the next value guy when it comes to making sure there's a margin of safety within our investments." Randall Abramson, May 30 2012. You have to wonder what margin of safety was behind a 90% loss. Unfortunately, "The "value investment" approach is not generally accepted in the investment industry as a means for determining the risk level of securities." OSC Settlement Agreement with Trapeze, April 2012.
The Ontario Securities Commission did eventually make some regulatory changes to protect investors, in response to Trapeze and several cases of fraud - but for many the damage had already been done.