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Following yesterday's article (Opalesque Exclusive: Cadogan is reportedly holding on to investments made in Madoff-linked Rye Select fund for possible claw-back Source), Cadogan issued a statement to Opalesque to set the records straight.

The English translation of the 12-March article found in Het Financieele Dagblad, the statement says, misstated a number of facts.

Firstly, the fund in question was the Cadogan Market Neutral Fund. Opalesque's article yesterday made reference to the Cadogan Market Diversified Fund (MDF) where in fact the fund in question was the Cadogan Market Neutral Fund (MNF). The link to the monthly report that was included in yesterday's article (which was also meant to be confidential) thus lead to the wrong fund. And the returns and AuM that were quoted were misleading. MNF was down approximately 18% for 2008 and its actual AuM was estimated at around $931m as year-end.

Secondly, Cadogan did not invest in the Rye Select fund, since at the time of investment and redemption in the Rye Select fund, Cadogan was not yet the manager of the MNF fund. Cadogan got involved with the MNF fund in April 2007 when it was appointed as investment manager to the "Privileged Investors Market Neutral Fund," (which was the fund's former name until Oct-07). Also, the article made reference to a 10% investment of the fund's AUM, while the 10......................

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