Sat, May 23, 2015
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. Comment - Top hedge fund managers talk about how easy their jobs have gotten, BlackRock to Schroders warn of Argentina’s $20bn bond glut, The 35-year “investment supercycle” is drawing to a close, says Bill Gross, Gundlach: When the Fed starts hiking rates, 'GET OUT' of this asset class[more]

    Top hedge fund managers talk about how easy their jobs have gotten From Businessinsider.com.au: Time was, before the financial crisis hit, corporate boards treated multi-billion dollar hedge fund managers like Jehovah’s Witnesses pounding on their doors and flashing bibles. But no more.

  2. T Rowe's challenge to Dell deal may fuel critics of 'appraisal'[more]

    From Reuters.com: An increasingly popular tactic used by hedge funds and others to extract more money from buyouts could soon face a major courtroom test when a big investor in Dell Inc may argue that it should be paid a higher price for the 2013 acquisition of the PC maker. The strategy, known as "

  3. News Briefs - Ergen says LightSquared plan unfairly favors hedge funds, Why hedge fund managers make good advisory clients, I learned a lot about dad-bros after spending 4 days in Vegas with 2,000 hedge funders[more]

    Ergen says LightSquared plan unfairly favors hedge funds LightSquared Inc.’s bankruptcy plan gives hedge funds that invested in the broadband company a leg up while blocking telecommunications firms from competing with it, a fund owned by Dish Network Corp. Chairman Charles Ergen said in

  4. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  5. New market regime has created more dispersion between managers[more]

    Komfie Manalo, Opalesque Asia: The month of April has marked the transition toward a new market regime, Philippe Ferreira, Lyxor AM’s head of research, managed account platform, commented in the May 5's Weekly Briefing. "The first quart

 

banner