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Alternative Market Briefing

Some of the probed U.S. hedge funds have clients in Switzerland

Wednesday, December 01, 2010

From the Opalesque team: Lombard Odier, Pictet and the Union Bancaire Privée (UBP) are some of the Swiss banks that are invested in some of the funds that have been probed by the FBI, which is investigating a possible insider trading ring, according to Swiss daily paper Le Temps.

UBP probably had tens of millions of dollars in some the funds at the end of 2009. The bank declared recently that the current exposure is now minimal.

Lombard Odier claimed it had sold off the whole of its investment in Level Global as the liquidity terms of this hedge fund did not match its investment philosophy. The bank has a small position in Diamondback, which is being reduced for the s......................

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