Tag Archives: bernard madoff

Northern Trust Named Best Overall Hedge Fund Administrator

New York (HedgeCo.net) – Northern Trust has been named the Best Overall Hedge Fund Administrator by HFMWeek in the magazine’s inaugural U.S. Service Provider Awards. The awards recognize companies that have outperformed their peers during 2008-2009 and demonstrated financial progress, […]

Galleon Wiretaps Rattle Hedge Funds as Insider Trading Targeted

Bloomberg – First came the biggest bear market since the 1930s, then Bernard Madoff’s $65 billion Ponzi scheme and the threat of increased regulation. Now hedge funds have a new concern: getting caught on tape as the government expands its […]

Galleon ‘Not Good News’ for Hedge Funds, Coleman Says

Bloomberg – The Galleon Group insider-trading investigation may sap investor confidence in the hedge-fund industry, already under scrutiny after Bernard Madoff’s Ponzi scheme, said Michael Coleman, chairman of the Singapore chapter of the Alternative Investment Management Association. “It’s obviously not […]

Madoff Brother, Sons Sued by Trustee for $199 Million

Bloomberg – Bernard Madoff’s brother, sons and niece were sued by a liquidator over claims they spent $198.7 million of victims’ money and treated the con man’s investment firm as their personal bank. The lawsuit against the brother, Peter Madoff, […]

Geneva Funds See Inflows for First Time Since Madoff

Bloomberg – Geneva’s funds of hedge funds saw client inflows for the first time in 11 months in August, halting a slump that accelerated after losses related to Bernard Madoff’s Ponzi scheme. Net inflows were $30 million, after withdrawals of […]

Agile clients sue over frozen accounts

The Denver Post – The plaintiffs allege Agile inappropriately placed their funds into a high- risk, unsuitable investment called the Agile Safety Variable Fund, which destroyed their retirement nest eggs. The Safety Fund, despite its name, was a leveraged hedge […]

Edinburgh Hedge Funds Feel Madoff Effect as Clients Get Pickier

Bloomberg – Hedge funds in Edinburgh say they escaped any direct losses from Bernard Madoff’s Ponzi scheme. That doesn’t mean they’re not living with his legacy. Clients are demanding more disclosure, quicker access to their money and individual, rather than […]

UBP to Cut 10% of Workforce This Year as Client Assets Decline

Bloomberg – Union Bancaire Privee, the Swiss hedge-fund investor whose clients lost about $700 million with Bernard Madoff, plans to cut 10 percent of its workforce this year after assets under management declined. “UBP should reduce its staff by 10 […]

Madoff trustee says Cayman and Bermuda funds ignored lawsuits

Caribbean Net News – The trustee liquidating Bernard Madoff’s business told a judge that two Cayman Islands and Bermuda hedge-fund firms accused of profiting from the fraud are ignoring his lawsuits seeking a total of $230.7 million in damages. Trustee […]

Madoff victims sue his family for $45m

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, […]

Geneva Funds of Funds Slump as Banks Struggle to Nullify Madoff

Bloomberg – Geneva banks, which began investing client money in funds of hedge funds during the 1960s, are struggling to rebuild the business after market losses and Bernard Madoff’s Ponzi scheme cut assets by 72 percent. The assets of funds […]