Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
CityWire.co.uk – Bernard Madoff’s wife Ruth is being sued for $44.8 million (€31.9 million) by the trustee for the victims of his $50 billion Ponzi scheme.
Court-appointed trustee Irving Picard is the first person to take action against Madoff’s family members, all of whom have denied knowledge of the scam.
Picard’s lawsuit states: ‘Regardless of whether or not Mrs Madoff knew of the fraud her husband perpetrated…she received tens of millions of dollars…to which Mrs Madoff had no good faith basis to believe she was entitled.’
Bloomberg – Meiji Yasuda Life Insurance Co., with 23 trillion yen ($244 billion) in assets, said it will cut its investments in hedge funds this year as it switches to investments with steadier returns.
Japan’s third-largest life insurer will reduce its allocation to the industry by “several tens of billions of yen,” from 64.6 billion yen at the end of last fiscal year through March 31, said Shinji Makino, manager of the insurer’s investment planning division. The Tokyo-based insurer last year slashed its hedge-fund holdings by more than 40 billion yen.
Reuters India – Hedge funds, private equity firms and other investors are scrambling to meet a looming deadline to report their offshore income, as U.S. tax collectors boost efforts to track foreign holdings.
The reports will give authorities a glimpse into just how much money U.S. citizens have tucked away in investment accounts overseas, believed to be in the tens of billions of dollars.
U.S. taxpayers have long been required to file "Report of Foreign Bank and Financial Account" forms with the government when they have holdings of more than $10,000 in foreign banks.
Herald Tribune – As Arthur G. Nadel made his way to New York Thursday under the watchful eye of U.S. marshals, the clock ticked away on the 30-day time limit faced by prosecutors to indict the man accused of a hedge fund swindle before they would have to set him free.
Nadel, accused of looting tens of millions of dollars from six hedge funds he operated from downtown Sarasota, has been ordered to stand trial in New York on one count of securities fraud and one count of wire fraud.
