Kingate Management

Last updated

Kingate Management
Company type Hedge fund
Headquarters
Hamilton
,
Bermuda

Kingate Management is a Hamilton, Bermuda hedge fund. [1] It was a feeder fund into the securities firm of Bernie Madoff, as part of the Madoff investment scandal.

Contents

History

Kingate Management and Tremont Capital Management set up Kingate Global Fund Ltd. (KING) as a joint venture. [2] [3] [4] [5] It charged an initial fee of 5%, and then 1.5% of assets per year. [6] It was one of the largest feeder funds of Bernie Madoff, and raised $3.5 billion for Madoff starting in 1994. [2] [7] It was overseen by FIM Advisers LLP, a London firm. [2]

The fund lost all of its assets in the Madoff Ponzi scheme. [6]

In September 2019 the Joint Liquidators of Kingate Global Fund and Kingate Euro Fund announced that the High Court of the Virgin Islands approved a global settlement with Irving Picard, as trustee for the liquidation of Bernard L. Madoff Investment Securities. [8] The approval followed the approval by the US Bankruptcy Court for the Southern District of New York, and subject to approval by the Supreme Court of Bermuda in an October 2019 hearing, the parties agreed to a mutual release of all claims. [8]

See also

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References

  1. ↑ Deborah Hart Strober; Gerald Strober; Gerald S. Strober (2009). Catastrophe: The Story of Bernard L. Madoff, the Man Who Swindled the World. Phoenix Books. ISBN   9781597776400 . Retrieved February 9, 2013.
  2. 1 2 3 Erin Arvedlund (August 11, 2009). Too Good to Be True: The Rise and Fall of Bernie Madoff. Penguin. ISBN   9781101137789 . Retrieved February 9, 2013.
  3. ↑ Papaioannou, Michael G.; Choi, Jay J. (2009). Credit, Currency Or Deratives: Instruments of Global Financial Stability Or Crisis?. Emerald Group. ISBN   9781849506014 . Retrieved February 9, 2013.
  4. ↑ David E. Y. Sarna (2010). History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff. John Wiley & Sons. ISBN   9780470877708 . Retrieved February 9, 2013.
  5. ↑ Papaioannou, Michael G.; Choi, Jay J. (2009). Credit, Currency Or Deratives: Instruments of Global Financial Stability Or Crisis?. Emerald Group. ISBN   9781849506021 . Retrieved February 9, 2013.
  6. 1 2 Monty Agarwal (September 11, 2009). The Future of Hedge Fund Investing: A Regulatory and Structural Solution for a Fallen Industry. ISBN   9780470557297 . Retrieved February 9, 2013.
  7. ↑ Lionel S. Lewis (2012). Con Game: Bernard Madoff and His Victims . Transaction Publishers. p.  43. ISBN   9781412846097 . Retrieved February 9, 2013. kingate management.
  8. 1 2 "Liquidators of Kingate Funds Announce Key Court Approval of Settlement with Madoff Trustee Irving Picard" (Press release).
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