Standard & Poor's (S&P) Fund Services has de-rated several funds of hedge funds (FOHFs) with exposure to Madoff strategies.
Bernard Madoff is alleged to have defrauded clients investing in an elaborate ponzi, or pyramid, scheme of almost $65bn. He has pleaded guilty to 11 felonies including securities fraud, money laundering and perjury. The following FOHFs were put under review in December last year: Bonhote Alternative Multi-Arbitrage Constantia Composite Constantia Low Volatility DGC Pendulum Ltd Dinvest Concentrated Opportunities Dinvest Total Return RMF Four Seasons S&P Fund Services has now reviewed each fund on a case-by-case basis, focusing on the stated reasons for investing in and c...
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