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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...