Reichmuth To Close Madoff-Hit Fund Of Funds

Feb 20 2009 | 1:20am ET

Another hedge fund hit by the Bernard Madoff scandal is calling it quits. Reichmuth & Co. said it would close its Reichmuth Matterhorn fund after Swiss regulators rejected its plan to restructure the fund.

The Swiss private bank told investors in a Wednesday letter that closing Matterhorn and launching a new fund was “a solution for a fair and equal treatment of all investors.” Reichmuth called the Swiss Financial Markets Advisory Authority’s decision “disappointing,” and said it would return roughly half of the fund’s remaining assets to investors in April, with the rest coming in quarterly installments through the end of 2010.

Matterhorn lost more than $300 million in Madoff’s alleged $50 billion Ponzi scheme.

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