Oliver Schupp, President of Credit Suisse Index Co., Inc., revealed earlier this week that funds managed by the disgraced hedge fund manager Bernard Madoff helped to sink the Credit Suisse/Tremont Hedge Fund Index further into the red for the month of November.
“Continued elevated levels of volatility remain a key factor affecting the overall industry and has forced hedge fund managers to de-lever further and reduce risk along with the financial community as a whole," Schupp explained in announcing that the index declined by 4.15% last month.
However, Schupp went on to explain that: "the unexpected events around Kingate Global/Fairfield Sentry have had material effects on the performance of the Equity Market Neutral sector, and therefore have also impacted the Broad Benchmark Index."
The Kingate Global Fund, Fairfield Sentry and Rye Select Broad Market Portfolio were all managed by Madoff and reported their performance to the Credit Suisse/Tremont Hedge Fund Index.
According to the US authorities, Madoff has allegedly admitted to running a giant Ponzi scheme which has defrauded investors in his funds to the tune of USD50bn.
"Considering the information we now have concerning Kingate Global/Fairfield Sentry, assets under management for the funds have been marked down to zero for November to reflect the news received last week," Schupp went on to disclose.
Schupp also added that relatively unstable market conditions benefited the Dedicated Short Bias sector, while Managed Futures funds were also able to capitalize on market trends.
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