Mon, Aug 29, 2016
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. Strategies - The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I, Hedge funds get more pushback on terms as enthusiasm for strategy wanes[more]

    The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I From IBTImes.co.uk: To illustrate a strategic gap common to today's portfolio managers, George Sokoloff, PhD, founder and CIO at Carmot Capital, proposes an interesting thought experiment – a breakdown of

  2. Institutional investors - Investors set to increase allocation to private debt, With investment income key, Richmond retirement system faces funding challenges[more]

    Investors set to increase allocation to private debt Investors are set to increase their allocation to private debt, with 60% revealing they believe the private debt market will grow over the next 12 months, according to a new study by Elian, a leading funds services provider. 41%

  3. Investing - Hedge funds snap up banks, unload Apple, Some of hedge funds' favorite stocks are finally starting to beat the market, Einhorn's Greenlight shifts positions, Treasury yield climbs to two-month high as Fischer joins hawks, 9 stocks smart investors put their money in last quarter[more]

    Hedge funds snap up banks, unload Apple From Barrons.com: Prominent hedge funds have a newfound love of big banks, and some have a distaste for shares of Apple, regulatory filings released last week show. The filings suggest that the funds have been pivoting their portfolios in recent mon

  4. Chesapeake energy seeks $1 billion loan to refinance debt[more]

    From Bloomberg.com: Chesapeake Energy Corp. is seeking a $1 billion loan as the company battered by cratering fuel prices and credit downgrades takes a step to address its $9 billion debt load. The natural gas producer hired Goldman Sachs Group Inc., Citigroup Inc. and Mitsubishi UFJ Financial Group

  5. Institutions - Nordic pension funds magnify focus on unlisted and direct investing, building up teams[more]

    From IPE.com: As bond yields remain at low or negative levels, pension funds and other institutional investors in the Nordic region are stepping up efforts to find higher returns by adding more unlisted investments to portfolios and are expanding in-house teams in order to do this, according to new