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By the Opalesque Team: The head of the Swiss Private Bankers Association (ABPS), Konrad Humler, boasted that Swiss banking establishments had gone through 2008 relatively unscathed, reported Swiss daily La Tribune de Genève.

The 14 members lost between 10 and 30% of their assets under management. The damaged was limited as, contrary to Credit Suisse and UBS, private bankers did not see much of their assets leave, but saw inflows which compensated for some of the losses incurred on the stock markets. The members have not been generally affected by the Madoff scandal, with the exception of Reichmuth (see related Opalesque Exclusive here).

Lombard Odier Darier Hentsch even issued a statement last Wednesday to confirm it had never recommended investing in Madoff’s funds. Although the bank’s own internally-managed FoHFs were not invested in Madoff’s funds, SwissInfo.ch / Le Temps reported that 3 of the 6 LODH external FoHFs had done so: Gems Low Volatility (AuM: CHF2.6bln with 3% in Madoff); La Fayette Regular Growth (AuM: $1.8bln with 12% in Madoff); DGC Pendulum (AuM: $2.7bln with 7.6% in Madoff). LODH, Geneva’s second private bank, managed around CHF8bln in FoHFs i......................

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