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Article: Managers tout due diligence in avoiding Madoff; Out in the open.(Frontlines)
- Article from:
- Pensions & Investments
- Article date:
- December 22, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: CHRISTINE WILLIAMSON
It took a huge scandal - Bernie Madoff's alleged Ponzi scheme - to convince a slew of hedge funds of funds that they needed to be more open about their own investments.
An unprecedented number of hedge fund-of-funds managers announced triumphantly that their due diligence process had dissuaded them from investing with Bernard L. Madoff Securities LLC, New York, or in any of the so-called "feeder funds'' that offered access to Mr. Madoff's strategy.
Among fund-of-funds companies trumpeting their non-involvement in what may turn out to be the biggest-ever hedge fund fraud case include firms that cater to the world's ...