Sun, Jan 22, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Banque Syz invested millions in Madoff, may refund lost money, Syz`s HF arm 3A to focus on macro/CTA, equity L/S funds this year

Monday, January 19, 2009

By the Opalesque Team: Geneva’s private bank Syz & Co is involved in the Madoff affair too, according to a report by Swiss daily newspaper Le Temps.

The bank bought stakes in the Thema International fund for its private clients. This Irish-domiciled SICAV was one of the main European vehicles linked to Madoff, which was represented in Switzerland by Genevalor Bebassat & Cie. Syz has invested tens of millions of Swiss francs in it.

Syz reportedly informed some of its clients, for whom it had made the decision to invest in Thema, that it would reimburse them the whole amount invested. The client who told to Le Temps about this said she had also invested with Aurelia Finance, which had also invested with Madoff, but which had not, to date, offered to refund the lost money. Syz’s spokesperson said there had not been a group decision to reimburse all investors and that he could not comment on a single case.

In October 2008, Syz & Co indicated that, between July and September, the AUM for funds and mandates at 3A (Syz’s hedge fund management arm), had decreased by about CHF400m ($354.5m), or 8%. For the month of September, Syz admitted that clients had asked to redeem CHF80m ($71m) from 3A.

In its recent Alternative Outlook report, 3A said that despite a good start in 2009, with a number of managers up strongly in January, the firm remained cautious in general about convertible bonds and credit markets since there was still not the liquidity that w......................

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 - This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally, Hedge fund legend David Einhorn is making a big bet on GM, After impressive 85% return in 2016, hedge fund looks to Canadian gold producer, small banks[more]

    This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally From Forbes.com: Can bank stocks continue to rise after a 28% surge in the KBW Bank Index in 2016, fueled by a post-election rally as stock pickers returned to the beaten down sector? Forget the s

  2. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel

  3. Some hedge funds strong start in 2017 nice contrast to 2016[more]

    With the 2016 HSBC Hedge Weekly performance rankings in the books - a year in which the same leader-board entries pretty much dominated unchallenged throughout the year - comes a new leader board that is a hard-scrabble mix of hedge fund styles and categories. What is clear after but a few short wee

  4. Macro hedge funds and CTAs outperform in December on strong dollar[more]

    Komfie Manalo, Opalesque Asia: The last month of 2016 saw risk assets climbing higher, as part of expectations that the new U.S. administration will remove barriers to growth and investment, Lyxor Asset Management said. December also saw the Fed hik

  5. Opalesque Exclusive: Roxbury credit events UCITS gathers more assets[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The Roxbury Credit Events Fund, launched in September 2015, was up 4.24% in 2016, having returned seven positive months during the year. The managers raised