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.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of