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 "text": "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.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
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 "citation": "Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016). SSRN: https://ssrn.com/abstract=2811718",
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 "abstract": "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.",
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