Money managers under the microscope
UBP — which had exposure of about 1 billion Swiss francs to Madoff’s firm — on Wednesday said hedge fund assets had slumped by 20 billion Swiss francs in the first half and are now more than half the level achieved at the peak in June 2008. To be fair, the private bank isn’t giving up easily and has hired in new managers to liven up its offering.
In the UK, the Bramdean investment firm managed by Nicola Horlick is still battling to resolve a row over its future strategy sparked by a 10 percent exposure to Madoff.
But their woes contrast sharply with the experience at other players, particular U.S. firms reporting the same day.
Horlick, who once refused to hand over her valuable to a robber holding her at gun point, has already hit back at Tchenguiz. Bramdean Alternatives issued a letter on Thursday challenging him to substantiate his claims alongside a warnings that issuing misleading statements is an offence under the Financial Services and Markets Act.