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Foundation Assets Secure Amidst Madoff Scandal
“While the events of the last week, including the recent allegations against Bernard Madoff and his Ponzi scheme have taken its toll on Jewish community organizations and philanthropists around the country and beyond, the day to day operations of the Columbus Jewish Foundation have not been affected in any way.” noted Foundation President Michael Weiss. “From a Foundation perspective” he continued, “Madoff was not a manager or advisor of any Columbus Jewish Foundation funds.
The bulk of the Columbus Jewish Foundation portfolio is managed by SEI Investments, a leading provider of manager of manager investment services. SEI has $178 billion dollars under management, including over $44 million of Columbus Jewish Foundation portfolio.
“There is no exposure, no fall-out, regarding the Foundation’s SEI-managed assets and the Columbus Jewish Foundation’s relationship with our firm in connection with the Madoff situation,” noted Keven Chriske, a representative of SEI. The company provides asset management services for not-for-profit organizations and other institutional investors. “We feel this issue may ultimately result in greater and deeper oversight for hedge funds,” said Criske. “ We would welcome this, as it would be consistent with our risk-controlled and fiduciary-focused approach to investing.”
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