The SEC's internal watchdog has concluded that the agency missed many chances to expose Bernard Madoff??s giant ??Ponzi? scheme because the staff either did not know what to do or failed to follow up on detailed complaints.
Clients pull $4bn from HSBC Alternative Investments (Fund News)
HSBC??s Geneva-based private bank saw clients withdraw more than $4bn from its hedge fund portfolios in the first half of the year, underlining the acute pressures facing the industry.
Private equity groups see signs of stabilisation (Fund News)
Three of Europe??s biggest listed private equity groups have reported drops in the value of their investment portfolios for the first half of the year, while indicating they may be past the worst of the financial crisis.