Union Bancaire Prive, the second-biggest investor in hedge funds, will ask some of the leading names in the industry, including Cerberus, Citadel, DE Shaw and SAC Capital, to appoint independent administrators or risk it withdrawing its investments, according to a report in the Financial Times.
Following its massive losses from the alleged fraud by Bernard Madoff, UBP, in an internal memo, asked managers of the $56 billion (€40.1 billion) it has allocated to hedge funds to put in immediate withdrawals for any fund that does not have independent administrators and custodians.
The full story is available at the Wealth Bulletin’s web-site.
D.C.