Tremont Capital Management is planning on auctioning off $177 million as the impact of the Madoff Ponzi scheme continues to ripple through the fund of fund industry.
The assets are highly illiquid and are being auctioned by Duff & Phelps to get money back to investors sooner. The remaining assets are being held to honour redemptions. A set timeframe has not been established for the auction.
Tremont suspended withdrawals and redemption payments in January. The firm took a $200 million hit in its fund of hedge fund business due to investments with Madoff and had a $3.1 billion