Standard & Poor's, whose main remit is identifying risk, has removed its rating from five funds of hedge funds that invested in the Ponzi scheme run by the fraudulent Bernard Madoff – including a fund managed by Man Group subsidiary RMF – because it has now realised that their due diligence standards were not up to scratch.

S&P Fund Services, a subsidiary of Standard & Poor's, said it had removed the ratings from the RMF Four Seasons fund and four other, lesser-known funds of hedge funds.