Greenwich Time – Fairfield Sentry Ltd., seeking to recover more than $919 million in fees related to investments involving Bernard Madoff, sued the Fairfield Greenwich Group hedge fund that lost $7 billion in Madoff’s fraud.

Fairfield Sentry, based in the British Virgin Islands, said in a complaint filed May 29 in New York State Supreme Court in Manhattan that it is the largest victim of the fraud perpetrated by Bernard Madoff.

The fund seeks to recover more than $919 million in investment management and performance fees that it paid to Fairfield Greenwich based on inflated net asset value reports of its investments with Bernard L. Madoff Investment Securities LLC.

Fairfield Greenwich, led by Greenwich resident Walter Noel, claimed it had $16 billion of assets under management, $7.3 billion of which was purportedly in Fairfield Sentry Ltd., according to the complaint.

Read Complete Article

Tags: asset-value, assets-under-management, bernard madoff, british virgin islands, fairfield greenwich group, fraud, greenwich time, greenwich-resident, hedge fund, investment-management, investment-securities, investments, manhattan, net asset, new-york-state, performance-fees, sentry, state supreme court, walter noel

Greenwich Time – A Greenwich-based investment management and advisory firm has launched a new hedge fund geared toward lending capital to underserved and niche businesses.

Sands Brothers Asset Management, with offices on Valley Drive in Greenwich, recently unveiled their Genesis Merchant Partners fund, an asset-based lending fund that provides capital despite the tight credit markets, fund officials said.

"It’s very difficult for companies to obtain capital post credit crunch," said Jonathan Feniak, director of marketing and business development and investment for Sands Brothers. "We’re providing loans through Genesis Merchant Partners that are ultimately much cheaper than selling equity at depressed prices."

Asset-based lending is any kind of lending that is secured by an asset. If a loan is not repaid, an asset is taken in exchange.

Genesis, which has 11 employees, will be working with businesses that may otherwise scare more traditional lending sources during the current credit crunch.

For example, according to some published reports, Genesis has been linked to providing financing for the fur trade and animal pelts.

"We look at a broad array of industries that offer up hard assets as collateral and diversification for the portfolio," Feniak said. "We’re filling a need for smaller companies. The niche markets have been the first ones to be excluded by traditional lenders."

Read Complete Article 

Tags: angela-merkel, financial-professional, food-industries, good-managers, greenwich-resident, institutional-marketing, leaf-tea, quantitative-approach, risk-transfer