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Bernard Madoff ‘fraud’: The list of the casualties including Shell

Daily Telegraph

Here is list of the banks and financial institutions affected so far, according to company statements and agency reports:

 By Jamie Dunkley

 

  • Access International Advisors said some of its funds were invested with Bernard Madoff. The New York-based investment firm said it was working with counsel to assess the situation, describing it as “a shocking development”.
  • Insurer Axa said that it faced losses because of the Madoff scandal, but said that its exposure amounted to less than €100m (£90m).
  • Spain’s Banco Santander, which owns Abbey and Alliance and Leicester, said its hedge fund unit invested €2.33bn (£2bn) of client funds with Bernard Madoff.
  • The Geneva-based Banque Benedict Hentsch Fairfield Partners SA said its exposure is 56m Swiss francs (£32m) of client assets.
  • Spain’s second-largest bank, BBVA, said it could potentially lose €300m (£270m) in the alleged scam run by New York trader Bernard Madoff.
  • Boston philanthropist Carl Shapiro’s charitable foundation – $145m (source Boston Globe).
  • Bramdean Alternatives Ltd – 9.5pc of its assets, according to a company statement.
  • BNP Paribas, France’s biggest listed bank, said it could face a potential €350m (£313) loss from an exposure to Bernard Madoff’s investment activities.
  • EIM Group – $230m (£153m) (source Reuters, citing Le Temps Newspaper).
  • EFG International, the Swiss private bank whose largest shareholder is the Latsis family, said some of its clients have investments worth $130 million in funds managed by Bernard Madoff’s investment-advisory business.
  • Elise Wiesal Foundation for Humanity – undetermined ( source Wall Street Journal).
  • Fairfield Greenwich Group – $7.5bn, according to a company statement.
  • Fix Asset Management – $400m (£266m), according to a company statement.
  • GMAC chairman Jacob Ezra Merkin’s Ascot Partners – Most of its $1.8bn (£1.2bn) of assets (Wall Street Journal).
  • Harel Insurance Investments and Financial Services – $14.2m (£9.5m), according to a company statement.
  • HSBC said it has a potential exposure of about $1bn (£688m) in loans provided to a small number of institutional clients who invested in funds with Madoff.
  • Julian J. Levitt Foundation – $6m (£4m) (source Washington Post).
  • Kingate Management Ltd – $3.5bn (£2.3bn) (source Bloomberg).
  • Korea Life Insurance – $50m (£33m) (source Yonhap news).
  • Korea Teachers’ Pension – $9.1m (£6m), according to a company statement.
  • Man Group said that its institutional fund of funds business RMF has approximately $360m (£239m) invested in two funds that are directly or indirectly sub-advised by Madoff Securities and for which Madoff Securities acts as broker/dealer executing the investment strategy.
  • Madoff Family Foundation – $19m (£13m) – (source Washington Post).
  • Maxam Capital Management – $280m (£186m) – (source Wall Street Journal).
  • Neue Privat Bank, a Zurich-based bank, said its clients may lose as much as $5m (£3m) invested in the fund linked to Bernard Madoff. The money was invested through Nomura Bank International, Neue Privat Bank said in a release.
  • New York Met’s owner Fred Wilpon’s Sterling Equities – undertermined, according to a company statement.
  • Nomura Holdings, Japan’s largest brokerage, said it has 27.5 billion yen ($302 million) at risk linked to Bernard Madoff’s investment funds
  • Norman Braman, former owner of the Philadelphia Eagles Football Team – undertermined (source Wall Street Journal).
  • North Shore-Long Island Jewish Health System – $5m (£3.3m), according to a company statement.
  • Notz, Stucki & Cie – undertermined (source Reuters, citing Le Temps newspaper)
  • Pioneer Alternative Investments – almost all of its $280m (£187m) of assets (source Bloomberg).
  • Robert I. Lappin Charitable Foundation – $8m (£5.3m) (source Washington Post).
  • Royal Bank of Scotland said it had exposure through trading and collateralised lending to funds of hedge funds invested with Bernard L Madoff Investment Securities.If as a result of the alleged fraud the value of the assets of these hedge funds is nil, RBS’s potential loss could amount to approximately £400m.
  • The Dutch pension fund of Royal Dutch Shell said it has a $45m exposure to the alleged $50bn fraud by prominent Wall Street trader Bernard Madoff.
  • Reichmuth and Co’s Reichmuth Matterhorn fund – $330m (£221m) (source letter to clients).
  • Societe Generale – less than €10m, according to a company statement.
  • Tremont Capital Management – undertermined (source Wall Street Journal).
  • Yeshiva University – undetermined (source Washington Post)
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