Politics & Regulation Tax & Legal

FIM, consultant to Kingate Management, faces Madoff lawsuits

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Almost a year since the Southern District of New York filed a 32-count class action complaint against Kingate Management, the co-manager of two Madoff feeder funds, FIM Limited, consultant to Kingate, announced that it would be ceasing activities. FIM, whose assets peaked at $4.25 billion at the end of 2007, stood at less than $700 million at the end of 2009.

Kingate Management was the co-manager, along with Tremont, of two feeders – $2.75 billion Kingate Global and $634 million Kingate Euro Fund that fed some $1.7 billion into Madoff. Among the individual defendants named in the class