Luxembourg Regulator Seeks Liquidation Of LuxAlpha Hedge Fund

Feb 4 2009 | 1:51am ET

Authorities in Luxembourg announced plans to liquidate a Bernard Madoff-scarred hedge fund whose CEO was found dead, an apparent suicide, in December.

The Commission de Surveillance du Secteur Financier said yesterday that it would ask a court to liquidate Access International Advisors’ LuxAlpha Sicav-American Selection Fund. The hedge fund had all of its US$1.4 billion invested with Bernard L. Madoff Investment Securities, which authorities say was a US$50 billion Ponzi scheme.

The CSSF took LuxAlpha off of its list of official funds, which bars all payments to clients. The decision becomes official in a month, when the regulator will ask a court to liquidate LuxAlpha. The hedge fund has already been sued by several investors.

“LuxAlpha Sicav doesn’t comply anymore with all the rules governing the organization and functioning of” funds in the Grand Duchy, the CSSF said in a statement.

Rene Thierry Magon de La Villehuchet, the CEO of Access International, was found dead in his New York office two days before Christmas. Authorities believe de La Villehuchet took his own life.

RELATED STORIES

Madoff Victim Found Dead, Appears To Be Suicide


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR