Geneva’s funds of hedge funds are losing assets two years after Bernard Madoff was arrested for masterminding a Ponzi scheme that cost investors as much as $65 billion.
The money invested in more than 180 Geneva-based funds of hedge funds totaled $14.8 billion at the end of October, down 60 percent from the week before Madoff’s arrest on Dec. 11, 2008, according to data compiled by Singapore-based Eurekahedge Pte.
