Oppenheimer Funds is returning money to investors in the OFI Tremont Core Strategies Hedge Fund. Although this publicly registered fund of hedge funds did not have direct exposure to Bernard Madoff, Oppenheimer points out in a regulatory filing that Tremont, the subadvisor to the offering, is defending itself in several lawsuits related to dealings with Madoff.
OFI Tremont Core Strategies has roughly $100 million in assets. According to a regulatory filing, proceeds will be distributed beginning in May and it may take through the middle of next year to finish the liquidation.
Tremont Capital Management closed its Rye