According to a Reuters UK exclusive, hedge-fund firm GMB Capital Management, after loosing more than $50 million, is shutting down Boston-based GMB Low Volatility Fund LP. The fund had more than $100 million in assets.

GMB Capital is run by MIT professor Gabriel Bitran and his son Marco. The father-son team told investors that the hedge fund would rely heavily on Bitran's complicated algorithms to deliver low volatility where prices almost never change, Reuters reported. Instead, they invested with Madoff, making themselves and those who trusted them victims of the Madoff debacle.

Full story available at; Hedge fund shuttering after Madoff bet