Mass PRIM Terminates Firm over Madoff Losses
February 3, 2009
The Massachusetts Pension Reserves Investment Management board has removed Austin Capital Management (ACM) from a $130 million hedge fund portfolio, the Boston Herald has reported.
The decision was made following a $12 million dollar loss due to an investment made with alleged Ponzi schemer Bernard Madoff.
ACM was investing Mass PRIM’s $130 million with Tremont Partners, who placed the funds with Madoff.
Further details regarding how Mass PRIM plans to invest the assets from the ACM account could not be obtained, as CIO Stanley Mavromates could not be reached for comment.
Additionally, David Friedman, chief operating officer at ACM could not be reached for comment regarding the termination.
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