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Madoff Scandal Impacts SunCal Capital Partner DE Shaw

The Financial Times is reporting that Switzerland’s Union Bancaire Privee, reportedly the second-biggest hedge fund investor, has insisted that DE Shaw and other hedge funds appoint independent administrators or return the Swiss bank’s money.

Union Bancaire’s move is in response to the Bernard Madoff scandal. Madoff is a former NASDAQ chairman who turned himself in to authorities two weeks ago confessing to a giant Ponzi scheme in which he bilked investors – including hedge funds – out of $50 billion. French money manager Thierry Magon de la Villehuchet was found dead of apparent suicide on December 23rd in his New York office. de la Villehuchet had placed $1.4 billion with Madoff.

Earlier this year, DE Shaw gained substantial control over the redevelopment of Alameda Point when City Council, sitting as the Alameda Re-use and Redevelopment Authority, approved an amendment to the Exclusive Negotiating Agreement with SunCal that added DE Shaw to the agreement.

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