Bloomberg – Colonial First State, Australia’s biggest asset manager, may seek an alliance with a hedge fund to offer customers a strategy capable of profiting in rising or falling markets.

The manager of about A$130 billion ($103 billion) has A$4 billion of client money in five boutique funds. Sydney-based Colonial started the alliance business in 2002 to broaden the range of strategies offered and has tie-ups with firms such as the Al Gore-backed Generation Investment Management LLP.

“We don’t have anyone who specializes in absolute returns,” Graham Hand, Colonial’s general manager of funding and alliances, said in an interview in Sydney. “If we can get the right idea working, that would compliment what we’re doing. So we’re looking at a few possible deals in that space.”

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New York (HedgeCo.Net) – Bernard Madoff will continue his house arrest at his swanky Manhattan apartment, after a judge refused to send him to prison on Monday.

Madoff’s lawyers have pointed out that he has cooperated fully with officials and investigators since allegedly confessing his $50 billion Ponzi-scheme to his sons last month. 

“Aside from the bare assertion that there remains some risk of flight, the government has failed to articulate any flaw in the current conditions of release,” said Judge Ronald Ellis of U.S. District Court in Manhattan, speaking of the government’s original push to incarcerate Madoff.

Prosecutors have tried to convince the court that Madoff is a flight risk after forging alliances with individuals all across the globe.  They also said he violated a court order that froze his assets after he dispersed more than $1 million worth of valuables via mail to friends and family.

Right now, Madoff is under 24 hour surveillance at his Manhattan home.  His incoming and outgoing mail is also under investigation and he must provide a list to the U.S. government that outlines his portable valuables. 

If convicted, Madoff faces up to 20 years in prison in what has proved to be the largest Wall Street scam in history.  Dozens of wealthy individuals, banks, hedge funds and financial institutions have lost billions in investments tied to Madoff.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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