Hedge fund firm Fairfield Greenwich, which lost more than half of its assets to scummier Bernard Madoff, is in the process of or preparing to winding down operations and could shutter its doors by summer.
The fund, which is headed by Greenwich Resident Walter Noel has been rumored to have cut its staff by 30 - 50% Greenwich Roundup has learned and people familiar with the situation have said that some remaining Fairfield Greenwich employees have been told that they may be let go by late July. Generous severance packages are being offered to keep key staff members on board and quite.
Also wounded by the Madoff scandal is hedge fund firm Tremont Group run by Mass Mutual . The Rye New York fund also lost more than half of its assets ($3.1 Billion) to Madoff. Press reports last week said that Tremont was in the process of shutting down operations.
UPDATE: Here it is, thanks to Google’s cache system. Just to make it doesn’t get lost again, Walt, ‘m posting it on my site - fewer accidental erasures, don’t you know.
This is Google’s cache of https://www.fggus.com/guest/due_diligence.html. It is a snapshot of the page as it appeared on Feb 15, 2009 05:10:40 GMT.