Tremont Group [SEP] inception
Tremont Group
Tremont Group Holdings, Inc., a Delaware corporation headquartered in Rye, New York, is a hedge fund that was a feeder fund to Bernard Madoff's investment advisory firm in the Madoff investment scandal. It was the second-largest feeder fund to Madoff's firm, after Fairfield Greenwich, and received fees of 2% of assets for doing so.
History.
Tremont Group was founded in 1985 by money manager Sandra Manzke, who was its chief executive officer from May 1994 to August 2000, and
started its first Madoff-only fund in 1997. That group managed several funds marketed under the Rye Select Broad Market Fund, which charged a 1% management fee and a 0.5% administration fee. The fund held $2.3 billion on Sep 30, 2008, collecting $34 million in fees a year. Tremont also offered the Rye Select Broad Market Portfolio Ltd., which charged total fees of 1.95% of assets and held $1.2 billion on Sep 30, 2008, with annual fees of $23.5 million. For investing