There has been a lot of speculation about the RCMP and AMF raid into Amaya Gaming Group Inc., Manulife Financial and Canaccord Genuity.
But Patrick Horan says clients invested in Manulife or Canaccord shouldn’t be worried—he’s not.
The portfolio manager at Agilith Capital Inc., confirms both of those companies are part of his portfolio (Amaya is not so he can’t comment).
Read: RCMP, AMF raid Amaya, Canaccord Genuity, Manulife
“I can see why the stocks are down [due to] the paranoia that’s on the street,” he says, adding the Canadian market this month, which is usually investor-friendly, has been “sold off hard and people have suffered losses.”
However, Horan notes the raid “is something you want to ignore for the most part. I don’t think there’s a lot at risk for either company.”
Why? Because he guesses the investigation will be whittled down to a few individuals, and not the corporations.
More to come.