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Geneva Funds of Hedge Fund Assets Slump After Madoff

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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.