Fund launches & closures Fund of Hedge Funds

Austin Capital winds down Safe Harbor

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Austin Capital Management is dissolving its Safe Harbor Fund and plans to liquidate the fund's assets following the firm's investment in Rye Select Broad Market, a Madoff feeder fund.

The firm was terminated by Massachusetts Pension Reserve Investment Management board after the Madoff investments came to light in the $170 million mandate the firm had with PRIM. Austin was also sued by the $295 million Pension Fund for Hospital and Health Care Employees. According to that lawsuit, Austin had $184 million in Madoff-related securities.

The Construction Industry and Laborers' Joint Pension Trust and Plumbers and Pipefitters Union Local 525 pension