The fund firm that provided consultancy services to the Bermuda-based Bernard Madoff feeder fund, Kingate Management, is to wind up its operations.FIM Ltd stated in regulatory filing that it would “will cease activities within the foreseeable future”.The Bermuda offices of Kingate and FIM, which were at 99 Front Street, have already been closed down.FIM is facing numerous legal actions from investors duped by Madoff’s $65 billion fraud and its funds have been put into liquidation.The Kingate fund’s liquidator is also suing FIM in Bermuda. Kingate was also sued in London in December by Irving Picard, the trustee liquidating Madoff’s New York-based investment firm. Kingate investors are also suing FIM in New York over its role as a consultant to Kingate, the firm said.FIM’s assets under management slumped from $4.4 billion in March 2008 to $652 million at the end of 2009 as clients exited its funds of funds, according to its latest accounts.Kingate fed about $1.7 billion to Madoff, who is now serving a 150-year prison sentence in the US for orchestrating the massive Ponzi scheme.FIM, headed by Carlo Grosso and Federico Ceretti, were consultant to the manager of the Kingate funds. It plans to “vigorously defend” all of the cases lodged against it, according to the accounts.The firm has shut its US office, as well as that in Bermuda, and has moved out of its London office in St James.FIM’s demise comes after the recent exit of top executives to set up a consultancy called Genii Solutions.The accounts also show that FIM made a pretax loss of around £700,000 ($1.13 million) in 2009.Mr Grosso and Mr Ceretti were paid £2.1 million in total in 2009 from subsidiary company FIM Advisers.