Wednesday, 29 July 2015
Last updated 1 hour ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…