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S&P strips rating from five Madoff-exposed funds

Standard & Poor’s has changed five funds of hedge funds which were exposed to Madoff strategies to ‘not rated’.

Last December, S&P put Bonhote Alternative Multi-Arbitrage; Constantia Composite; Constantia Low Volatility; DGC Pendulum Ltd; Dinvest Concentrated Opportunities; Dinvest Total Return and RMF Four Seasons under review because of their exposure to Madoff strategies.

Following its review, S&P concluded that due diligence fell short of the standard expected of a rated fund. It has changed the rating of each fund to not rated, except for Constantia Composite and Constantia Low Volatility.

It says: “We understand that the mandates of the two Constantia funds are likely to change significantly, but the group has withdrawn from our service so we will not be considering them for new fund ratings in future.”


ABI looks at sector for cash stability

The Association of British Insurers is consulting on plans for a new fund sector to help consumers choose the right money market fund. It would run in parallel with the money market sector but identify funds with a greater focus on capital stability.


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