(April 5 – 17:02 ET) — Yet another new hedge fund is coming to the Canadian market, according to industry news site HedgeWorld.com.

HedgeWorld says that Ron Mayers has resigned from leading National Bank Financial’s arbitrage team to start his own hedge fund in Montreal. It says that Mayers is in the process of registering the fund with the Commission des valeurs mobilières du Québec.

The fund is expected to be an event-driven and merger arbitrage hedge fund. HedgeWorld says the fund will launch with $100 million in seed capital from an unnamed individual investor, and “will invest in mainly Canadian companies that are perceived to be less risky than their [U.S.] counterparts.”

The firm will be known as Genoa Capital, and is expected to launch with two analysts and a chief financial officer. HedgeWorld says that it hopes to raise another $25 million from both institutional and high-net-worth investors in Canada when it launches in July.

Eric Bouchard has replaced Mayers at NBF.