Morning Coffee Aug 26 2009

Madoff Effect Causes Retrenchment at Union Bancaire Privee

By kyle stock

Union Bancaire Privee, the Swiss hedge fund of funds that stacked a sizable chunk of change in Big Bernie's Ponzi pyramid, is decimating its workforce.

The firm had 1,372 employees at the beginning of the year and is aiming to be under 1,240 by 2010. Union Bancaire hopes pink slips will be a last resort, banking on retirements and open positions.

It's the Madoff Effect still playing out.

Union Bancaire Privee had about $700 million in clients' assets in Madoff's funds when the Ponzi scheme was revealed. The company's assets under management fell 19% in the first half of the year to $77 billion. A lot of cash came out of UBP accounts after clients heard about the connection.

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