Fri, Mar 27, 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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner