He'll do it, too.
Back in 2009, a little hedge fund called D.B. Zwirn went under. Not in a spectacular, financial-crisis-era way of huge losses and redemptions, but in a quieter, accounting-scandal-and-firing-everyone sort of way. Now, after six years of reflection and suing and getting sued, D.B. Zwirn founder and namesake Dan Zwirn is ready for action again. But how can people trust him, given the way things went last time?
Zwirn has struck upon the answer: Canadians! Friendly, guileless Canadians. The sort who would no more misallocate investor funds then they would bump into you without apologizing. That’ll reassure the non-Canadians, you betcha.
Mr. Zwirn has teamed up with Westaim Corporation, a Canadian investment company, to create Arena Finance Company and Arena Investors, according to people briefed on the matter.
Arena Finance, which will begin with roughly $183 million, will buy and originate commercial and real estate loans, seeking to go where banks are no longer willing to go, like loans to small-scale oil and gas companies and subprime auto lending, according to these people.