A Swiss bank that helped channel funds to Bernard Madoff says the New York money manager had a “perceived edge” in the financial markets because he handled so many trades through his broker-dealer arm. Union Bancaire Privée, which advised 11 hedge funds that placed money with Madoff, made the observation in a Dec 17 letter to clients and linked its confidence in Madoff to the number of regulators who supervised different parts of his operations. The FT earlier reported that Madoff will provide regulators with “a verified written accounting” of his firm’s records by New Year’s Eve, according to a court document.

This entry was posted by Gwen Robinson on Monday, December 22nd, 2008 at 5:34 and is filed under Capital markets, People. Tagged with Bernard Madoff, UBP. Edit this entry.