Primeo Select Fund and Primeo Executive Fund were at all relevant times owned by Pioneer. The Primeo Funds were, at all relevant times, controlled by the Medici Defendants and Pioneer and invested with Madoff. The Primeo Funds are open- ended investment funds organized under the laws of the Cayman Islands on November 17, 1993. The registered office of the Funds is located c/o Bank of Bermuda (Cayman) Limited, P.O. Box 513, GT, HSBC House, 68 West Bay Road, Grand Cayman, Cayman Islands. The Primeo Funds commenced operations on January 1, 1994. As of June 30, 2008, the entirety of the Funds’ assets – more than $786 million – were invested in funds controlled by Madoff. The Primeo Funds were not marketed or sold in New York.

The founder shareholder of the Fund passed a resolution on 23 January 2009 to wind Primeo Fund up voluntarily.

On 8 April 2009 an order was made for the winding up of the Fund to continue under the supervision of the Grand Court of the Cayman Islands

Herald Fund SPC and Primeo Fund
On December 17, 2014, the United States Bankruptcy Court for the Southern District of New York approved the SIPA Trustee’s settlement with Herald Fund SPC and Primeo Fund. On November 17, 2014, the SIPA Trustee filed a motion in the United States Bankruptcy Court for the Southern District of New York seeking approval of a recovery agreement with Herald Fund SPC and Primeo Fund, two feeder funds primarily invested in BLMIS. Under the terms of the agreement, the settlement will benefit the BLMIS Customer Fund by approximately $497 million.

primeo fund structure








29 September, 2016  Primeo Herald Cayman court rules on redemptions from busted Madoff feeder funds

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