Tue, Sep 27, 2016
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. Star names struggle as smaller hedge funds make hay[more]

    From eFinancialnews.com: Many big-name funds have been hit by sharp reversals in markets, including US government bonds and UK stocks, and have struggled to extricate themselves from positions that have gone bad. According to data group eVestment, hedge funds below $250 million in size are up 4.1% t

  2. North America - Acela fight splits hedge fund Connecticut and old money enclaves[more]

    From Bloomberg.com: Connecticut’s residential coastline is two worlds, the one of newcomer millionaires and one whose wealth and New England roots span generations. Now, their differences over a rail route threaten to gum up plans for the U.S. Northeast’s fastest-ever trains. About 30 miles from Man

  3. Activist News - Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership, Activist investors double chance of CEO exits[more]

    Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership From Calvinayre.com: Casino operator Caesars Entertainment has improved its offer to junior creditors to over $5b, but the offer is only good until Friday. On Wednesday, Caesars added an extra $1.6b to the $

  4. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  5. Comment - ‘Gut feeling’ measurable in hedge fund traders, How hedge fund managers can use blockchain to maximize benefits[more]

    ‘Gut feeling’ measurable in hedge fund traders From Laboratoryequipment.com: “Gut feeling” is an intangible – an automatic hunch – based on prior experience for some people. But the “gut feeling” is actually a measurable response developed in professionals doing some high-risk work, acco