Saturday, 23 August 2014
Last updated 23 hours ago
Jan 2 2009 | 10:46am ET
Pioneer Alternative Investments has had to restructure a pair of its funds of funds hurt by exposure to Bernard Madoff’s ponzi scheme.
The firm has established separate portions of their funds of funds to isolate their exposures to Madoff, Financial News reports. Directors of the firm’s flagship AllWeather fund and Momentum AllWeather Strategies have also frozen subscriptions to their portfolios, according to a filing with the Irish Stock Exchange.
The firm said in a regulatory filing the move would “protect existing investors in the fund from the illiquid assets, which the fund has received and which represent approximately 27% of the net asset value of the fund.”
AllWeather was exposed to Madoff via its investment in the $2.8 billion Kingate Global fund.
Investors withdrawing from AllWeather and at least five products feeding into it will receive their redemption partly in cash and partly in shares attached to the isolated portion of the vehicle.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note