Madoff's Fraud Ushered in Changes to Secretive Hedge Funds
- Middle men endured 10 straight years of asset declines
- Funds became less secretive and investor scrutiny increased
This article is for subscribers only.
Bernard Madoff’s sordid legacy remains the stuff of headlines. But his fraudulent scheme altered -- and transformed -- the hedge fund industry.
As fund lawyer Steven Nadel at Seward & Kissel LLP put it in a recent interview: “Madoff was a huge wake up call for the entire asset management industry.”