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Sovereign Wealth Funds Briefing - Categorized | Market, Performance

SWF may be Madoff victim

Posted on 22 December 2008

From Thenational.ae: The Abu Dhabi Investment Authority (Adia), the world’s largest sovereign wealth fund, may also have lost money in the US$50 billion (Dh183.6bn) ‘ponzi’ fraud scheme carried out by New York investment manager Bernard Madoff.

In 2005, Adia indirectly invested around $400m with Mr Madoff through a fund called Fairfield Sentry Ltd, according to a report in the New York Times on Saturday, which cited a description of Fairfield’s investors supplied to a prospective client. Adia has since withdrawn portions of its original investment from Fairfield Sentry twice, but may still have had some $132 million in the fund as of last year….. Full Article: Source


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