MassMutual Statement Regarding Tremont Group Holdings, Inc. and Bernard L. Madoff Investment Securities LLC
(Springfield, MA) - Massachusetts Mutual Life Insurance Company (MassMutual) stated today that Tremont Group Holdings, Inc. (Tremont) is a subsidiary of Oppenheimer Acquisition Corporation, which is a subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual). Rye Investment Management (Rye) is an affiliate of Tremont Group Holdings.
MassMutual has very limited exposure to the alleged fraud by Bernard L. Madoff. MassMutual is carefully assessing the situation and believes that any adverse impact would be immaterial to its strong financial condition.
Although our review is continuing, MassMutual currently believes its indirect exposure in Madoff managed funds is less than $10 million. In addition, the carrying value of Tremont to Oppenheimer represents approximately 0.3% of MassMutual’s statutory assets, excluding separate accounts, as of September 2008 ($85,495 million). To the very limited extent that any MassMutual client funds are exposed, we will take appropriate action to protect our clients’ interests.
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