Kingate Management Explained

Kingate Management
Type:Hedge fund
Location Country: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.

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

Notes and References

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

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