Fairfield Greenwich, a hedge fund ensnared in Bernie Madoff’s $65 billion Ponzi scheme, is handing over $2.5 billion remaining in four funds to Sciens Capital as Fairfield looks to salvage assets not affected by the scandal.
As part of the deal, Fairfield won’t sell the funds to Sciens but instead will simply hand them over, retaining some rights to revenue, said a person familiar with the situation.
Noel’s Fund Eyes Change [NYP]
(Sung to the tune of The Fresh Prince of Belair Theme song, by the investors of FG)
In Fairfield County, born and raised,
On the golf course is where we spent most of our days.
Tuna melts, gins and Southsides by the pool,
With the gents in their driving shoes looking really cool,
When a couple of spics, they were up to no good!
Starting wearing thongs in our neighborhood!
They ordered Caipirinhas and we all get scared,
But then they gave us great returns so no one really cared.
We whistled for a boat and many sailed near,
We celebrated our fortune with Yay and mirror,
They generated cash so we didn’t ask or care,
We thought oh forget it! Look at those horse faces and shiny hair!
wow. after all that’s happened customers still kept $2.5 billion at FFG?
@girl
that is spectacular
@2: I cannot believe anyone would leave 2.5 cents with these bozos. I would be so out of there. Like you couldn’t now invest directly in any hedge fund they supposedly had “entree” into.
exactly, how duumb are some people that they are shown the complete lack of DD, process and financial market smarts (Walter Noel kept up with the market by reading Fortune and WSJ ffs!) at Fairfield, and yet still opt to keep cash with them.
that fairfield retains “some rights to revenue” should have Irving Picard on the phone to lay claim to them.
Two horse stories in a row. Is this the Daily Racing Form?
@1- Posts like that are why I read Dealbreaker.
Kramer: His father was a mudder. His MOTHER was a mudder.
Betting Guy: His mudda was a mudder?
Kramer: What did I just say?
Founded in 1983, Fairfield Greenwich Group (“FGG”) is a leading alternative asset investment specialist. FGG’s mission is to offer our clients superior hedge funds and related products with a high level of client service and support. Throughout its history, the firm has internally managed its own hedge funds and selectively identified external managers for a limited number of close relationships. FGG markets its funds principally outside the U.S. to private banks, institutional investors, financial advisors, consultants, and high-net-worth individuals as well as tax-exempt U.S. entities.
The principal focus of FGG’s core funds is to deliver moderate returns with low volatility uncorrelated to broad market indices. Capital preservation and portfolio liquidity are primary objectives. FGG obtains from its core fund managers full portfolio and operational transparency to facilitate risk monitoring and portfolio optimization, as well as more effective client servicing and marketing support.
For those clients who require alternative investments whose characteristics depart from those of our core funds, FGG also offers a limited number of single manager and fund-of-funds products with more aggressive volatility, leverage, and other parameters; these vehicles are intended to complement investments in FGG’s core funds and are selected and managed with the same level of care and professionalism as all FGG products.
FGG has approximately USD $14 billion in client and firm assets under management. It is an employee-owned firm with over 140 employees, 23 of whom are Partners, and has offices in New York, London, and Bermuda, and representative offices in the U.S., Europe, and Asia, and a joint venture in Singapore. FGG’s client base includes private banks, financial advisors, family offices, pension funds, government authorities and other institutional investors. FGG entities are registered with the U.S. SEC as an investment advisor and broker dealer, and with the U.K. Financial Services Authority.
“For those clients who require alternative investments whose characteristics depart from those of our core funds, FGG also offers a limited number of single manager and fund-of-funds products with more aggressive volatility, leverage, and other parameters; these vehicles are intended to complement investments in FGG’s core funds and are selected and managed with the same level of care and professionalism as all FGG products.” HHAHAHAAHAHAHAHAAHAHAHAHAHAHAAHAHAHAH
The blatant lie here is: “FGG obtains from its core fund managers full portfolio and operational transparency to facilitate risk monitoring…”
The rest is just marketing babble, no different than what comes from any other firm and hard to argue with.
“selected and managed with the same level of care and professionalism as all FGG products” seems a pretty blatant lie as well
not a lie, it’s just that this ‘level’ was, well, shit