Thu, Aug 21, 2014
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. Institutions – Texas Employees sets 2015 tactical plan for alternatives, CalPERS' real estate consultant cautions the pension fund's investment committee, Why Sunsuper likes hedge funds[more]

    Texas Employees sets 2015 tactical plan for alternatives From PIOnline.com: Texas Employees Retirement System will invest in up to four new hedge funds in the next fiscal year, which begins Sept. 1. Trustees approved 2015 tactical investment plans for the hedge fund, private equity and in

  2. Private equity follows hedge funds into reinsurance for long-term capital[more]

    From Artemis.bm: It’s not just hedge funds that are entering the insurance and reinsurance market in search of so-called long-term capital to put to work in their strategies, private equity firms targeting the space are also seeking opportunities to add assets under management. The entry of large pr

  3. North America – New York City’s next hot neighborhoods targeted with property funds[more]

    From Bloomberg.com: New York’s real estate world is filled with tales of ordinary people who bought property decades ago and saw values skyrocket to the millions. Seth Weissman is seeking investors to get in early on the next hot neighborhoods. The veteran of Goldman Sachs Group Inc. and hedge

  4. Investing – George Soros bets $2bn on stock market collapse, Warren Buffett's Berkshire reveals Charter stake, cuts DirecTV, Hedge funds lusting to cash out of MGM, Top hedge fund managers are buying Ally Financial, Hedge funds dumped 5m Herbalife shares in Q2, Paulson & Co hedge fund ups Puerto Rico real estate bet, Netflix Inc., Citigroup Inc, Google Inc are top new picks in Tiger Management’s 13F[more]

    George Soros bets $2bn on stock market collapse From Newsmax.com: Billionaire investor George Soros has increased his financial bet that U.S. stocks will collapse to more than $2 billion. The legendary hedge fund manager has been raising his negative bet on the Standard & Poor's 500 Inde

  5. Investors now net short S&P500 and increased Russell shorts, technicals suggest further selling[more]

    Komfie Manalo, Opalesque Asia: Market Neutral funds increased their market exposure to -1% net short from -6% net short last week, according to Bank of America Merrill Lynch’s Hedge Fund Monitor. The report also added