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.
Ananova - Royal Bank of Scotland says it is facing a potential loss of £400m after a Wall Street banker was charged with a massive alleged fraud.
US prosecutors say Bernard Madoff has confessed to defrauding investors of $50bn (£33bn) in a giant pyramid scheme that collapsed in the global financial crisis.
RBS, in which the British government now has a majority stake, says it has exposure through investments in hedge funds that invested with Mr Madoff.
It is one of a number of banks that face big losses in the suspected fraud.
Santander, the Spanish bank that owns Abbey and Alliance and Leicester, said it had more than 2.3bn euros (£2.08bn) worth of exposure.
Financial Times- When hedge fund manager and convicted fraudster Samuel Israel III disappeared this month, leaving nothing but the message "suicide is painless" scrawled in the dust on his car, you can be sure his life assurer did not pay out – not least because police believe he was trying to fake his death.
Another type of insurance policy might soon help investors caught up in scams such as the $400m Mr Israel sucked out of Bayou Management.
At the least, the new products being created should provide hedge fund investors with peace of mind amid widespread fear of fraud in the industry.
Today, a second insurance product begins offering hedge fund investors cover for fraud losses, as Integro, a New York insurance broker, and Amber Partners, a risk rating agency for the industry, aim to capitalise on the fear of swindlers.
"While they [frauds] are not frequent within our industry, they occur enough that it causes investors to consider it seriously," said Reiko Nahum, chief executive of Amber.
Financial Times- When hedge fund manager and convicted fraudster Samuel Israel III disappeared this month, leaving nothing but the message "suicide is painless" scrawled in the dust on his car, you can be sure his life assurer did not pay out – not least because police believe he was trying to fake his death.
Another type of insurance policy might soon help investors caught up in scams such as the $400m Mr Israel sucked out of Bayou Management.
At the least, the new products being created should provide hedge fund investors with peace of mind amid widespread fear of fraud in the industry.
Today, a second insurance product begins offering hedge fund investors cover for fraud losses, as Integro, a New York insurance broker, and Amber Partners, a risk rating agency for the industry, aim to capitalize on the fear of swindlers.
