The Ontario Securities Commission today extended the temporary orders against Portus Alternative Asset Management Inc. and the firm’s managing director Boaz Manor until May 17, 2005.

The orders against the hedge fund firm were originally issued on February 2 and 10.

They bar Portus from taking on new client assets and funds, opening new client accounts and paying out, redeeming or otherwise returning investment funds to clients, except with respect to pre-authorized periodic withdrawals on behalf of clients. They also bar Portus from trading in securities.

As well, the orders prevent Boaz Manor from trading in respect of the term notes invested in on behalf of Portus’s clients.

The OSC says the protections put in place by the temporary orders will remain in effect while the OSC continues to its investigation.