Funds of Hedge Funds

Merriwell investors upset over Madoff redemption handling


FutureSelect Portfolio Management is understood to have taken what some investors have argued is an unfair line in how it is handling redemptions, post Madoff. The Redmond, Washington-based firm, run by Ron Ward, is one of some 30 or so firms handling the effects of having Madoff in the portfolio, including whether or not to have clawbacks in case trustees come back to collect "false" profits.

A few investors are upset because they say the firm has changed terms with very little notice. FutureSelect Prime Advisors is understood to have had up to 90% of its assets invested