Madoff distortion makes some hedge funds look good

Reuters – One of the bizarre effects of Bernard Madoff’s alleged $50 billion fraud is that it has boosted the performance of one group of hedge funds when measured against their peers, industry insiders said.

At least one major index, the CS/Tremont equity market neutral index, has been distorted by the failures of three large funds or fund groups which were index components: Kingate, Fairfield Sentry and Rye Select.

"The values of these funds have been taken to zero and we have no plans to restate them, nor to create additional indexes which exclude these funds," said Elaine Bourke, an associate at Credit Suisse/Tremont Hedge Index.

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