In a new sign of how the Madoff scandal is affecting the hedge fund world, Swiss private bank Mirabaud has said it may blacklist hedge funds not monitored by outside administrators.
In a new sign of how the Madoff scandal is affecting the hedge fund world, Swiss private bank Mirabaud has said it may blacklist hedge funds not monitored by outside administrators.
Partner Yves Mirabaud said the bank, which has no direct Madoff investments, is considering pulling out of two funds it currenyly uses which do not have independent administrators. Mirabaud invests around a quarter of its assets through hedge funds.
Mirabaud is the second Swiss bank to consider such action, after the Wall Street Journal reported fellow Geneva-based Union Bancaire Privee, one of the world’s largest hedge fund investors, may also pull out of funds without independent oversight. UBP had around $700 million in investments linked to the Madoff scandal.
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