An affiliate of Portage, the venture capital arm of the Desmarais family’s Montreal-based asset management giant, will manage select fintech assets from Point72, which the firm has transferred to a new US$280-million fund. Goldman Sachs’ alternative investment arm is leading an investment in the fund. (The Logic)

Talking point: The deal represents a pullback from the fintech sector by New York hedge fund billionaire Steve Cohen’s Point72, and a deepened focus on it by Portage. Portage and other Power Corp. affiliates own just over half of the digital investing company Wealthsimple, and also hold stakes in a variety of other Canadian fintechs including Koho, Borrowell and Nesto. Point72’s Tripp Shriner, who will join Portage as part of the deal, told Axios that Point72 and other generalist VCs are increasingly leaving fintech to specialists like Portage. Point72 will retain a 40 per cent stake in the new fund, Shriner told Axios.