West Palm Beach (HedgeCo.net) – Swiss bank UBS AG’s money manager, Luxalpha, was one of the main European hedge funds that gave money to US money manager Bernard Madoff, it is now being shut down by CSSF, Luxembourg’s financial supervisors.

The Luxalpha assets were frozen in January, in what appears to be the first court action in Europe. Another private investor in a second UBS-run feeder fund, Luxembourg Investment Fund-US Equity Plus, is also considering legal action against the Swiss bank.

People with knowledge of the situation claimed that the two Luxembourg funds were not actively marketed by the bank and were set up at the request of clients to send money to Madoff. One of the Luxalpha board members, Rene-Thierry Magon de la Villehuchet, committed suicide in December after loosing $1.4 billion in his Madoff investments.

Alex Akesson

Editor for HedgeCo.Net
Email: alex@hedgeco.net

Tags: accredited-investors, assets, board members, committed suicide, cssf luxembourg, feeder, hedgeco, investment-fund, investments, money manager, palm-beach, private-investor, swiss bank, ubs, ubs-ag

Times Online – A French investment manager who entrusted $2.1 billion (£1.42 billion) with Bernard Madoff was found dead in New York yesterday.

Thierry de la Villehuchet is thought to have committed suicide. He was found early yesterday morning in his office on Madison Avenue by a security guard.

He was found at his desk with both wrists slashed, with a box cutter (similar to a Stanley knife) and a bottle of sleeping pills on the floor, according to the Associated Press, citing NYPD spokesman Paul Browne.

Mr Villehuchet, 65, was the co-founder and chief executive of Access International Advisors, a fund management company.

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Tags: 1-billion, access international advisors, bernard madoff, box cutter, chief-executive, co founder, committed suicide, desk, fund-management-company, investment manager, madison avenue, security guard, sleeping pills, spokesman, stanley knife, yesterday morning