Tue, Sep 1, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

UBP clarifies its position with regards to Fairfield`s investments in Madoff

Tuesday, January 06, 2009

From the Opalesque Team: Jérôme Koechlin, spokesman for Geneva-based Union Bancaire Privée, wrote in Swiss daily newspaper Le Temps yesterday.

Referring to December’s Int’l Herald Tribune’s article (Madoff dealings tarnish a private Swiss bank), Koechlin reiterated that UBP has had no direct link with the Fairfield Group (FGG).

UBP’s relationship with FGG, contrary to what has been reported, is based solely on an advisory management agreement. Such agreements are common among professional fund managers. The advisory management agreement was done directly with the directors of the FoHFs division at Fairfield.

Fairfield’s FoHFs have to be widely diversified (they include around 40 underlying funds), and this is how Madoff became part of the diversification process. FGG managed 4 FoHFs within this specialized division, where UBP played an advisory role.

At no time did UBP intervene in the investment decisions, which were Fairfield’s sole responsibility. UBP acted as trustee for the FoHFs, never as trustee for the underlying hedge funds.

UBP’s relationship with Fairfield started in 2003, at which time Fairfield had already had links with Madoff for a few years. Furthermore, there is no existing internal document drafted by Fairfield, as mentioned in the IHT article, that UBP is aware of.......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Hedge funds suddenly find real money is back in Argentina's debt, Elon Musk buys more SolarCity stock following hedge fund manager short, BlackRock plans to get into rental-home financing[more]

    Hedge funds suddenly find real money is back in Argentina's debt From Bloomberg.com: The real money is back in Argentina. Before the country’s default in July 2014 (its second in 13 years), most long-term investors abandoned its bond market. As they rushed out, Argentina became a favorit

  2. Activist News - Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping, Meet Europe's best activist investor[more]

    Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping From Businessinsider.com: Carl Icahn has picked his next target: Freeport-McMoRan. Icahn and a group of other investors have snapped up an 8.46% stake in mining company Freeport-McMoRan, according to a j

  3. North America - Hedge fund manager Ray Dalio’s challenge to the Fed[more]

    From Newyorker.com: For some reason, Janet Yellen, the chair of the Federal Reserve, decided to skip this year’s annual Fed conference in Jackson Hole, where monetary policymakers from the United States and abroad get together with some prominent academics to discuss the big issues of the moment. Th

  4. Opalesque Exclusive: Credit-focused hedge fund Numen Capital expects more volatility in Europe in coming months[more]

    Benedicte Gravrand, Opalesque Geneva: A London-based hedge fund, which has just hired two emerging managers, is cautious on Europe. Vassilis Paschopoulos and former Lehman’s colleague Nikos Kargadouris, launched a London-based credit-focused hedge fund called

  5. Performance - Hedge funds bruised by stocks’ meltdown, Capstone’s volatility hedge fund is having a monster month thanks to market mayhem[more]

    Hedge funds bruised by stocks’ meltdown From WSJ.com: Hedge-fund managers like to promise their investors protection from market swings. In the recent stock swoon, many were caught off guard. Billionaire managers such as Leon Cooperman, Raymond Dalio and Daniel Loeb are deeply in the red

 

banner