Updated: GMB Capital Closes Low Vol. Fund

Jan 12 2009 | 1:40am ET

Boston-based GMB Capital Management is closing its Low Volatility Fund after losing more than half its value. The fund had approximately 17% of its assets invested in a feeder fund that invested with alleged fraudster Bernard Madoff, but according to a firm spokesman, the decision to close the fund was made in November, well before Madoff’s arrest in December.

At its peak, GMB’s Low Volatility Fund had $50 million. The spokesman said the fund was being shuttered so the firm could focus on its core strategies.

GMB is run by Gabriel Bitran, a Massachusetts Institute of Technology professor, and his son, Marco.

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