July 12, 2014 4:02 AM ET

Capital Markets

Company Overview of Austin Capital Management, Ltd.

Company Overview

Austin Capital Management oversees a hedge fund investment portfolio. Austin Capital Management is based in Austin, Texas. The firm was founded in 1993. Austin Capital Management, Ltd. operates as a subsidiary of KeyCorp.

5000 Plaza on the Lake

Suite 250

Austin, TX 78746

United States

Founded in 1993

Phone:

512-476-1185

Fax:

512-476-5526

Key Executives for Austin Capital Management, Ltd.

Chief Financial Officer
Managing Director and Chief Operating Officer
Compensation as of Fiscal Year 2014.

Austin Capital Management, Ltd. Key Developments

The U.S. Department of Labor Reaches Settlement with Austin Capital Management, Ltd. and Austin Capital Management GP Corp

The U.S. Department of Labor has reached a settlement that provides for payment of more than $34 million to compensate employee benefit plans for losses suffered through investments in funds managed by Austin Capital Management, Ltd., which indirectly invested in Bernard L. Madoff's Ponzi scheme. The agreement follows an earlier settlement with Austin Capital's parent company, KeyCorp, for more than $9 million. Recoveries from both settlements total more than $43 million for plan investors in funds managed by Austin Capital. This settlement will benefit thousands of workers and retirees whose hard-earned retirement savings and health plans were affected by Bernard Madoff. The settlement, with Austin Capital Management, Ltd. and its general partner, Austin Capital Management GP Corp., involves employee benefit plans' investments in certain funds managed by Austin Capital Management. Those funds invested a percentage of their assets in the Rye Select Broad Market Prime Fund L.P. offered by Tremont Partners Inc. (the BMP Fund) which, in turn, was 100% invested with Bernard L. Madoff. Under the settlement agreement, $34,363,636 will be paid to a settlement fund for the plan investors. In the settlement entered into on December 13, 2012, KeyCorp, Austin Capital's parent company, paid $9,090,909 to a settlement fund for plans that invested with Austin funds, for a total recovery for the plans of $43,454,545. The money in both settlement funds will be distributed to the plans by an independent fiduciary selected by the department. Austin Capital Management also will pay a civil penalty of $4,345,455. The settlement resulted from an investigation conducted by the Labor Department's Employee Benefits Security Administration's Dallas Regional Office with the assistance of the department's Office of the Solicitor, Plan Benefits Security Division, in Washington.

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