Bank Safdie Dodges Madoff Loss, Predicts More Hedge Fund Rules

Bloomberg – Banque Safdie SA, the Geneva-based wealth manager that withdrew money invested with Bernard Madoff three years before his alleged Ponzi scheme unraveled, said the scandal will mean more hedge fund regulation.

“What Madoff has done is highlight the lack of regulation,” Safdie Chief Executive Officer Claude Le Ber said in an interview from Geneva this week. “There’s going to be a shake out. Even before Madoff, the hedge fund industry was seeing redemptions and wasn’t producing absolute returns.”

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