U.K. fund manager, FIM, is shutting down its operations after its top executives quit and its fund were placed into liquidation, Reuters reports. The firm, which is led by Carlo Grosso and Federico Ceretti, was consultant to the manager of the Kingate funds, which were among feeder funds into Bernard Madoff’s Ponzi scheme. FIM is facing a U.S. class action, a claim by Madoff trustee Irving Picard and a claim in Bermuda filed by the liquidator of the Kingate funds. FIM’s assets dropped from $4.4 billion in March 2008 to $652 million at the end of 2009 as clients exited its funds of funds.
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