The largest Madoff

A somewhat belated post, but the largest entity that had exposure to the know very famous financier Bernard Madoff was indeed one of Scandinavian Banks, Nordea, that invested through Fairfield Sentry (that charged investors a management and a performance fee for funnelling cash to Mr. Madoff). The total loss seems to be around 50-60 million USD. In total, this seems to end up the Swedish Madoff exposure at somewhere less than a 100 million USD. Large or not large, it is not good, not to have done a proper due diligence on the underlying funds, or even worse, claiming to have an investment mandate while allocating to another fond of funds and purely acting as a marketing agent.

One More Madoff

The smaller Swedish insurance company, "Svenska Handelsforsakringar" also reported a smaller loss to Madoff in the range of less than a million USD.

Whitebeam's Madoff Exposure

Whitebeam also got caught with the currently jailed broker Madoff, ultimately suffering a total loss in the same fund, Defender Ltd. Seems like the Defender guys had a pretty strong marketing presence in Sweden as they also managed to get money from the former Icelandic bank Kaupthing in two fund of funds (Katla and Krafla). Total loss there is currently unknown.

Swedish Madoff Exposures

Seems like things are moving in the Swedish fund-of-funds sector where several funds have been caught in the Madoff debacle. Although disclosing rather late, it seems as if Indecaps "Guide 2" fund had a 7% allocation to the fraudulent manager. In total the exposure was rather modest with 20-30 mn USD in exposure. The exposure is claimed to have been through a fund called "Defender Limited", question is who it defended.