kaal:claim:2811718-026

Funds of funds claimed to select the best managers through skilled due diligence and charged standard 2 and 20 fee structures for that service, while in reality depositing the vast majority of their capital into Madoff's opaque fund.

Source quote, verbatim
and investment analysis practices and then in return charged their investors standard private fund fee structures (2/20).139 In reality, most of these funds were depositing the vast majority of their capital into Madoff's black box of a fund.
From

Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016), III.B.3. Impact of the Madoff Ponzi Scheme, p. 41
https://ssrn.com/abstract=2811718 · source PDF

Cite as

Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016). SSRN: https://ssrn.com/abstract=2811718

Holds when
Classification

failuresupport: arguedfailure: fee for diligence never performedfamily: fraud-and-misconductinstitutional-design

Verify

The quote above is an exact substring of the source PDF, whose sha256 is b52152af561288173840a1cabbcf8f4b337e73507c856ee01600799073f4156f. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/beb458cc22e1f591...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/2811718-026.md | sha256sum