New York Times Blogs – Swiss private bank Union Bancaire Privée, one of the largest European hedge-fund investors, offered Thursday to buy back $700 million of its clients’ Bernard L. Madoff-related investments at half what they originally paid.
The bank, based in Geneva, will offer to pay clients the equivalent of 50 percent of the cost of their investment in five equal annual payments, plus 2 percent interest, Jérôme Koechlin, a UBP spokesman, told Bloomberg News. The first payment would be made on Dec. 31, he added.
‘‘The bank has decided to make a goodwill gesture,’’ the company said in an e-mailed statement. This is ‘‘designed to reinforce its partnership with its clients by offering a comprehensive financial package.’’