Edhec has detailed the most serious operational and investment red flags in the Madoff affair in the recent report Madoff: A Riot of Red Flags. According to the French business school’s research, a lack of segregation among service providers, obscure auditors, unusual fee structure, heavy family influence and a lack of disclosure were the most blatant operational warning signs.
The Bank of New York Mellon has acquired two new investment boutiques and rebranded them as Ankura Capital and Blackfriars Asset Management. The groups came under BNY Mellon’s control following its joint venture with international bank WestLB in December 2008.
Northern Trust has won a £660m (€751.1m)administration mandate from financial services firm Resolution Limited. Under the arrangement, Resolution will be managed by Northern Trust’s Global Fund Services group, which services investment manager clients with accounting, administration, performance analysis and custody.
