MERCATO LIBERO

C'è un certo legame fra i fondi gestiti dal Mitico Madoff e MIGLIAIA di investitori italiani che non passeranno un bel Natale....

Partiamo da Londra:
A Londra c'è una società , LA FIM limited.
Questa società è gestita dagli italiani Grosso e Ceretti.
I nostri due italiani decidono nel 1995 di firmare un contratto di DISTRIBUZIONE con la Kingate, una società delle Bermuda gestito e creato da Madoff.
La FIM Advisors ha collocato/venduto (in cambio di commissioni stratosferiche) i fondi della Kingate a tante istituzioni italiane fra i quali Eurizon e Bipilelle Alternative. Il totale dell'esposizione è di 160 milioni. Italiani sperate in bene... Pensate che sottoscrivere Kingate costava il 5% più una commissione di gestione dell'1,5% per anno. (e non parliamo delle commissioni di performance....)...
Guardate cosa avrebbe dovuto fare la FIM Limited....(preso dal loro sito...)

In-depth due-diligence – For funds that pass initial screening, the research specialists will begin to conduct in-depth analysis into every aspect of a fund, its manager and its service providers. This includes analysis of the strategy, portfolio construction, performance, risk management and personnel. FIM’s operational due-diligence and risk management teams are an integral part of the process. The operational specialist conducts a thorough review of all business, operations, legal structures and procedures of the manager, fund structure and service providers. The risk manager works with the strategy specialists to develop risk profiles for any potential investment as well as overseeing quantitative research and analysis.


Passiamo ora alla FairField Greenwich. Questa società gestiva 14 miliardi di dollari. Ben 7,5 risultano gestiti da Madoff.
Il problema nasce dalla filiale di Lugano della Fairfield...gestita dallo stesso genero del fondatore...Yanko Della Schiava.
Yanko è un bel giovanotto che si laurea e va a lavorare per un'azienda tessile, la Ratti, per due anni. E' un giocatore di golf (membro del Golf la Bastardina) e sposa la figlia del proprietario della Fairfield (Noel).
Come si dice in gergo....(attacca il cappello....) e apre un ufficio a Lugano in Via Maderno, e vende i fondi a tanti...tanti italiani...
Della Schiava si fa aiutare da Codoni Fabrizio nell'opera di vendita.
Magari Italiani che hanno i conti cifrati....e che in questi giorni sono spaventati perchè hanno perso una fortuna ....
Fino a ieri pensavano di essere i più furbi...e oggi sono i coglioni di turno....
E non possono neppure denunciarli....avendo i soldi all'estero illegalmente...

Ecco cosa leggete sul sito della Fairfield Greenwich...
The nature of FGG's manager transparency model employs a significantly higher level of due diligence work than that typically performed by most fund of funds and consulting firms. This model requires a thorough understanding of a manager's business, staff, operational practices, and infrastructure.

At this stage, FGG begins qualitative and quantitative reviews of a manager's past performance obtained from independent sources, as well as a series of manager interviews and reference calls.

Through this process, a preliminary assessment evolves of a manager's business and investment practices. Particular attention is paid to the extent to which each manager's controls are reasonably suited to maintain operational, market, and credit risks at an appropriate level and as represented by the manager.

During this period, FGG personnel also have an opportunity to evaluate a manager's attitudes and receptiveness (as opposed to his proclaimed intention) towards providing FGG with full transparency of its security level trading activity and access to its investment thought process.

This close level of communication and access is the cornerstone of FGG's ongoing relationship with the manager, without which a business relationship with FGG would not exist.

A small portion of managers who pass through this basic screening process are considered for further, significant investigation. Some do not progress beyond this stage; some are placed on a watch list for further monitoring.

FGG's business model enables the firm to have privileged access to all aspects of a manager's operation and investment process, including security level transparency for risk monitoring purposes.
FGG's due diligence process is deeper and broader than a typical Fund of Funds, resembling that of an asset management company acquiring another asset manager, rather than a passive investor entering a disposable investment.

A number of areas of inquiry are examined by a team of FGG professionals who specialize in evaluating respective areas of risk. Typically, a manager has been investigated and monitored for six to 12 months before that firm can be accepted onto the FGG platform. Long negotiating periods enable FGG to be more confident of its decisions before proceeding with a manager. Areas of examination are centered around the following:

1. Portfolio Evaluation, Investment Performance, and Financial Risks:

A core area for further analysis is to attempt to dissect and further understand investment performance, how a manager generates alpha, and what risks are taken in doing so. As portfolio management and risk management incorporate elements of both art and science, FGG applies both qualitative and quantitative measures. FGG:

Examines independent prime broker trading records
Conducts detailed interviews to better understand the manager's methodology for forming a market view, and for selecting and exiting core positions
Analyses trading records
Conducts a number of qualitative and quantitative tests to determine adherence to risk limits over time
Confirms portfolio loss risk controls, diversification and other risk-related control policies, as well as any experience regarding unexpected or extreme market events
Reviews the risk and return factors inherent in the strategy
Evaluates capacity issues, which may affect alpha, as well as expected opportunities going forward within each candidate's strategy
Analyses the various drivers underlying a particular portfolio's risk
Evaluates credit risk and market risk both at the instrument and portfolio level
Assesses the extent to which leverage is used by a manager, as well as how it is used, the funding sources, and the impact on the risk profile of the fund
Investigate whether or not private or special registration securities are held, and determine how the daily trading volume and inventory held compares to the float and/or daily trading volume for a given security
FGG also conducts many quantitative reviews of investment performance in light of:

Fees and fee structure
Historical draw-downs
Return volatility
Commissions earned
Performance return in calm versus volatile markets
Current/historical correlation of the fund under consideration with standard industry benchmarks, peer groups, and other FGG or competitor funds used as benchmarks
FGG attempts to understand the return attribution for individual securities in the portfolio, and conducts a full suite of VaR analyses and stress tests to model the loss distribution function under extreme market scenarios. Leverage, concentration limits, and long/short exposures are examined over time to assess whether they have remained within operating guidelines.

Style fidelity is another key area of inquiry; the manager's trading pattern over time and through various market environments, FGG determines whether the manager is prone to trade outside of their area of expertise.

2. Personal Background Investigation:

FGG examines the abilities and personalities of the individuals involved in managing the fund through extensive interviews, as well as background investigations.
FGG verifies:
Education
Personal credit standing
Litigation and regulatory background
Track record
Other indicators

FGG explores the manager's experience and qualifications relative to the strategy being managed. Prior professional associations of a manager's key personnel can be crucial in understanding a person's experience and character and how they run their investment management business.

3. Structural and Operational Risk:

"Operational risk" refers to the risk of loss resulting from inadequate or failed internal processes, human resources, or systems, or from external events. Operational failures, including misrepresentation of valuations and outright fraud, constitute the vast majority of instances where massive investor losses occur. Other operational risks include staff processing errors, technology failure, and poor data.

Pricing models, as well as the adequacy, independence, and transparency of valuation procedures, contingency plans, and other trading and settlement procedures are all matters for close scrutiny by FGG professionals.

FGG seeks a sound understanding of whether a hedge fund possesses key controls in the areas of portfolio management, conflicts of interest, segregation of duties, and compliance. FGG carefully assesses the controls and procedures that managers have in place and seek to determine actual compliance with those procedures, often suggesting modifications, separations of responsibilities, and remedial staff additions.

4. Legal, Compliance, and Regulatory Risk:

FGG's legal, compliance, and accounting teams specialize in investment management regulation, securities compliance, corporate operations, and tax issues. Hedge fund managers function within an ever more complex legal and regulatory landscape, and the role of this part of the diligence exam is to determine the seriousness of any deficiencies in this area which may cause risk of sanction, loss, or reputational embarrassment.

Both in-house and retained legal professionals interview the management and staff of the manager, research regulatory filings, and review corporate organizational documents, as well as fund memoranda and related material contracts.


CHE LAVORO RAGAZZI....SONO IMPRESSIONATO....E POI....POI UN BUCO NERO...


E ora tocca a Unicredito, che, oltre all'esposizione diretta, si scopre che ha un'esposizione indiretta tramite una banca austriaca, la Bank Medici. Una piccola e sofisticata (che ridere) banca private che ha investito 2,1 miliardi di dollari di clienti nei veicoli Madoff... (Unicredito è proprietario del 25% della Banca

Per non parlare della BSI Bank, della Generali, del Banco popolare....

Insomma noi italiani anche in questo caso non ci facciamo mancare nulla.....

Un bel po' di quattrini ci sono stati portati via....

Vi faccio Notare che i soggetti elencati nell'articolo sono operatori che guadagnavano decine di milioni di euro o dollari di commissioni ogni anno. Tali ricavi dovevano essere utilizzati anche per scoprire la bontà delle strategie di Madoff. C'erano persone pagate fior di quattrini per fare una due diligence accurata ....persone che non hanno fatto il loro lavoro in maniera appropriata.
La scelta di un fondo è una scelta molto difficile. Devono essere verificate centinaia di cose.
Ma una su tutte sarebbe servita per evitare che Madoff causasse tali problemi:

LA SEPARAZIONE DELLE FUNZIONI....

Mi spiego meglio: un fondo hedge ha bisogno di una banca depositaria, di un broker e di una società di certificazione dei conti.
La società di certificazione non lavora mai con il gestore dei fondi, prende tutti i dati direttamente dalla banca depositaria (prime broker) e dai broker a cui il fondo passa gli ordini di vendita e di acquisto.
MA I FONDI DI MADOFF UTILIZZAVANO COME PRIME BROKER (O BANCA CUSTODE) MADOFF STESSO!!!
I FONDI DI MADOFF PASSAVANO GLI ORDINI DI ACQUISTO E VENDITA A MADOFF STESSO.
INFINE...LA SOCIETA' DI REVISIONE ERA UN PICCOLISSIMO STUDIO DI COMMERCIALISTI (FACILMENTE COMPRABILE)...
Pensate che una persona di Aksia (società che non volle sottoscrivere i fondi)incaricata di controllare il business di Madoff..ascoprì che gli auditors erano Friehling & Horowitz, una società che aveva dei mini uffici nei sobborghi di NY. Uno dei partners viveva in Florida e aveva oltre 75 anni. L'altro era solo in ufficio con alcune segretarie.


Italiani ribellatevi contro le società advisors e i fondi di fondi che vi hanno mal consigliato!!! Dovete farlo e subito.

Se avete bisogno di uno studio legale specializzato (anche svizzero) inviate una mail a mercatiliberi@gmail.com










Insomma ...anche un'idiota che lavorava per FIM Limited, per Tremont o per Fairfield....si sarebbe accorto che le elementari regole per il controllo dell'atttività erano COMPLETAMENTE DISATTESE.

Ritengo tutte queste società di fondi di fondi CORESPONSABILI delle perdite arrecate ai loro clienti. Suggerisco ai clienti di compiere tutti gli atti necessari al fine di difendere al meglio i propri interessi nei confronti delle socieà advisor o di società di fondi di fondi coinvolte!!!

MADOFF E L'ITALIAN CONNECTION (Mercato Libero può aiutare chi ha perso dei soldi)