The Troubles at Altamira

After the National Bank announced it was bailing out Altamira of its troubled papers, I asked Altamira to disclose which funds under its portfolio contained asset-backed commercial papers. Since I am a client, I am worried, and I also wish to know the names of the managers of those funds. This was Altamira's response:

"We cannot disclose to you which Altamira Funds held asset-backed commercial paper. We can only confirm for you that National Bank has acquired all of the asset-backed commercial paper in Altamira Funds. Unit holders of the funds will no longer have any exposure to the current ABCP market".

So, clients had to find this information out the hard way. You can find out which ones were these funds in an older post here.

Since I have withdrawn all my funds that are not CDIC (insured) with them and most likely many others have as well, you have to wonder when the layoffs at Altamira will begin.

I also wonder about the National Bank.