Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Mackenzie burned by Bernie Madoff (made off with your money)

macker · 01-09-2009, 01:38 PM

Jan. 9 (Bloomberg) -- A Canadian hedge fund operated by Mackenzie Financial Corp. invested about 20 percent of its assets with Bernard Madoff’s New York investment firm, the Globe and Mail reported.
The Mackenzie Alternative Strategies fund, run by Tremont Capital Corp., suspended redemptions and began winding down after it lost 47 percent in December, the newspaper said today. The C$19 million ($16 million) fund dropped 59 percent last year.
Mackenzie, a unit of IGM Financial Inc., wrote off the value of the money invested with Madoff after his alleged Ponzi scheme came to light, the Globe said, citing David Feather, president of Mackenzie’s fund unit.
To contact the reporter on this story: Kevin Bell in Toronto at kbell2@bloomberg.net

Unfortunately another reason to avoid mutual funds and hedge funds. Whatever happened to due diligence???

01-09-2009, 01:38 PM	#1
macker First Line Centre Join Date: Apr 2007 Exp:	Mackenzie burned by Bernie Madoff (made off with your money) Jan. 9 (Bloomberg) -- A Canadian hedge fund operated by Mackenzie Financial Corp. invested about 20 percent of its assets with Bernard Madoff’s New York investment firm, the Globe and Mail reported. The Mackenzie Alternative Strategies fund, run by Tremont Capital Corp., suspended redemptions and began winding down after it lost 47 percent in December, the newspaper said today. The C$19 million ($16 million) fund dropped 59 percent last year. Mackenzie, a unit of IGM Financial Inc., wrote off the value of the money invested with Madoff after his alleged Ponzi scheme came to light, the Globe said, citing David Feather, president of Mackenzie’s fund unit. To contact the reporter on this story: Kevin Bell in Toronto at kbell2@bloomberg.net Unfortunately another reason to avoid mutual funds and hedge funds. Whatever happened to due diligence???