Hedge Funds

Hennessee letter seeks to clarify fees


In a September 1 letter to clients, Hennessee Group founder Lee Hennessee and her husband Charles Gradante sought to clarify the advisory firm's fees and payment options, which became controversial in the wake of the scandal surrounding failed Bayou Management.

Hennessee, which advised clients to invest in Bayou and was reportedly paid by it, believes its procedures have recently been mischaracterized in the press. The letter also seeks to update clients on Bayou and the steps Hennessee has taken to protect client interests.

In the letter, Hennessee Group reports that the firm provides advisory services solely to its clients,