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RBS, Man Group reveal 650 mln pnd exposure to Madoff scandal

(Agencies)
Updated: 2008-12-15 19:24

LONDON -- British lender Royal Bank of Scotland and hedge fund manager Man Group revealed on Monday that they faced combined exposure of almost 650 million pounds to the Madoff scandal.

A branch of the Royal Bank of Scotland (RBS) in central London October 2008. British lender RBS and hedge fund manager Man Group revealed on Monday that they faced combined exposure of almost 650 million pounds to the Madoff scandal. [Agencies]

Madoff, a 70-year-old Wall Street veteran who was arrested on Thursday, is alleged by US prosecutors to have confessed to having defrauded investors of 50 billion dollars in a giant pyramid scheme that collapsed in the global financial crisis.

RBS said on Monday that it could potentially lose about 400 million pounds from an alleged scam run by New York trader Bernard Madoff.

Man Group added it had 360 million dollars (245 million pounds) invested in two funds with Madoff Securities.

"The Royal Bank of Scotland Group said it had exposure through trading and collateralised lending to funds of hedge funds invested with Bernard L Madoff Investment Securities," RBS said in an official statement.

"If as a result of the alleged fraud the value of the assets of these hedge funds is nil, RBS's potential loss could amount to approximately 400 million pounds."

In a separate statement, Man Group said that it "has approximately 360 million dollars invested in two funds that are directly or indirectly sub-advised by Madoff Securities and for which Madoff Securities acts as broker/dealer executing the investment strategy."

It added: "Based on information available to date, it appears that a systematic and comprehensive fraud may have been committed, evading a range of structural controls."

The group said that it "will continue to monitor and evaluate the situation on behalf of its investors and will take appropriate steps to seek recovery of investor assets."

In a further development, the Financial Times, citing people close to the situation, reported that HSBC may have exposure of about one billion dollars from loans it provided to institutional clients who invested with Madoff. The bank has declined to comment.

The British government owns 58 percent of Royal Bank of Scotland after a sweeping recapitalisation of the troubled bank last month.