- August 11, 2010 - Madoff Investors Appeal Court Decision
A group of more than 100 investors who had money invested with Bernard Madoff’s firm have filed an appeal with the US Second Circuit Court of Appeals to overturn a March decision by a US Bankruptcy judge who had ruled they were not entitled to a recovery. The investors, called net-winners, maintain they are entitled to recover funds despite withdrawing more than they invested, according to a report in the Wall Street Journal.
In court briefs the investors said they are entitled to recoveries under the Securities Investor Protection Act, even if securities were never purch.
- August 3, 2010 - Wealthy Australian Businessman Sues UBS Over Investment Losses
A prominent Australian businessman is suing UBS Wealth Management over multi-billion dollar losses sustained during the financial turmoil, according to media reports.
The action is being taken against UBS Wealth Management Australia by Stefan Ackerie, of Queensland, according to a statement lodged in the Supreme Court in Brisbane, reports said.
UBS reportedly contests the claim as being without merit.
- July 28, 2010 - UBP Posts Falls In Net Income, Assets Under Management
Union Bancaire Privée, the Geneva-based private bank, has reported income of SFr384. 4 million ($355. 9 million) for the first six months of the year, falling from SFr418.
- July 28, 2010 - Private Investors May Sue UK Banks, Rabobank Over Alleged German Ponzi Fraud
Private investors who lost millions in an alleged German Ponzi scheme are threatening legal action against UK banking groups Barclays and HSBC, as well as Rabobank of the Netherlands, claiming the banks may have acted irresponsibly, according to the Financial Times.
German authorities are already mounting a criminal probe into the business of Helmut Kiener, founder of the K1 hedge fund group, who state prosecutors allege stole upwards of €300 million (around $390 million from investors and banks.
Since the financial turmoil began more than two years ago, a number of actual o.
- July 6, 2010 - Suspect In Alleged German Fund Ponzi Scam Takes His Life
A suspect arrested in the course of an investigation into an alleged €300 million (around $376 million) Ponzi scheme involving Germany’s K1 hedge fund group has committed suicide, German prosecutors said yesterday, according to media reports.
Dieter Frerichs, managing director of K1 group funds K1 Global and K1 Invest, took his own life on a Spanish beach on Saturday, reports said. He died as local police tried to detain him after a Madrid court ordered his extradition, according to a spokesman for the state prosecutors in the German city of Würzburg, reports said.
- June 28, 2010 - US Regulators Order Goldman Sachs To Pay Creditors In Fraud Case
Financial regulators ordered a broker dealer unit of Goldman Sachs to pay $20. 5 million in a case involving the now-defunct and fraudulent Bayou hedge fund, Reuters reported.
A Financial Industry Regulatory Authority dispute resolution document said creditors claimed Goldman Sachs Execution and Clearing failed to investigate the fraud and fraudulent transfers of money in what was a Ponzi scheme that unravelled in 2005.
- June 17, 2010 - Advent Software Expands Business Horizons
As wealth managers hunt for technology fixes to conquer challenges from the credit crisis, one firm that can claim a long track record in delivering the goods is Advent Software. It is a seasoned business in the US market and has more recently flexed its muscles further afield.
An expected wave of new regulations, restoring trust and keeping up with exacting client demands are some of the challenges that the wealth industry faces.
- June 11, 2010 - UBS's Luxembourg Unit Faces New Probe Over Funds Linked To Madoff
UBS faces a forgery probe at its Luxembourg unit over how it oversaw funds connected with US Ponzi conman Bernard Madoff, news reports said.
Luxembourg police said they are conducting a preliminary investigation into the bank, which could result in it facing criminal charges.
"There is a preliminary investigation for forgery against UBS Luxembourg," a spokesperson for the country's prosecutor was quoted as saying.
- June 11, 2010 - Clients Gradually Put More Faith Back Into Wealth Management - Research
There are tentative signs that investors, left bruised and mistrustful of financial services after the tumult of recent years, have started to put more faith in wealth management again, according to recent data from Ledbury Research, the UK-based organisation.
The percentage of clients considering using their current wealth management for future financial needs has inched up to 68 per cent in 2009 compared with a slightly weaker figure in 2008, according to the Ledbury Research UK Wealth Management Client Satisfaction Benchmark study.
Figures in the wealth management indust.
- May 26, 2010 - Wealth Management Industry Faces Tough Challenges Ahead Say Top Execs
While there has perhaps never been a more opportune time for the best firms to differentiate themselves from the competition, the wealth management industry faces some extremely tough challenges ahead – that was the overwhelming sentiment expressed by the panel of wealth management luminaries at a recent London Breakfast Briefing, held by ClearView Financial Media in partnership with Advent Software.
The cataclysmic events of the past two years have left the industry reeling from what could be termed a perfect storm of widespread investment losses, scandals such . .
