Standard & Poor's Fund Services has announced the outcome of the funds of hedge funds that it put under review in December 2008 because of their exposure to Madoff strategies.<PARA_BREAK_SENTINEL_9f8e7d6c Standard & Poor's Fund Services has announced the outcome of the funds of hedge funds that it put under review in December 2008 because of their exposure to Madoff strategies. The funds are: Bonhote Alternative Multi-Arbitrage; Constantia Composite; Constantia Low Volatility; DGC Pendulum; Dinvest Concentrated Opportunities; Dinvest Total Return; and RMF Four Seasons. It has reviewed each of these funds on a case by case basis, focusing on the stated reasons for investing in and continuing to hold Madoff exposed vehicles, and has concluded that due diligence fell short of the standard expected of a rated fund. It has therefore changed the rating of each fund to Not Rated, except for Constantia Composite and Constantia Low Volatility. It says the mandates of the two Constantia funds are likely to change significantly, but the group has withdrawn from its service so it will not be considering them for new fund ratings in future. Rating decisions were independent of each other and based on a number of different factors pertinent to each case.
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