Saturday, 21st November 2009

 

18 December 2008 - Press Briefing

Wealthy Spanish investors hit by Santander exposure to Madoff

Wealthy Spanish investors have been among the worst-hit by Santander’s exposure to the Bernard Madoff scandal, according to a Bloomberg report.

Billionaire Alicia Koplowitz, who netted $800m (€545m) from the sale of a stake in Spanish builder Fomento de Construcciones & Contratas, risks losing €10m ($14.6m) through a fund, a spokeswoman for her investment firm said.

Fernando Luque, an analyst at Morningstar in Madrid, warned that the Madoff affair, coupled with losses suffered by clients on products linked to bankrupt Wall Street firm Lehman Brothers, have hurt Santander’s private banking business.

Read the original

Most Read

  1. Colonel Gaddafi's son buys £10m London property
  2. Lombard Odier hires from Coutts
  3. Comment: Prince William seals the ascent of hedge funds
  4. Citi Private Bank poaches senior Merrill executive
  5. How The Rich Are Different: Recession Hits Investment Psyche

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Diary: Utopia for Yacht Lovers

Looking to get more from your yacht? Why not share it with others?

Related Content

  1. EFG holds third party funds exposed to Madoff
  2. Comment: Madoff scandal should teach us scepticism

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347