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Reaction of UBS regarding today's communiqué from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg
UBS took notice of the communiqué and will defend itself vigorously
UBS took notice of today's communiqué from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. UBS does not believe the CSSF is correct.
The Luxalpha fund was created at the explicit request of wealthy clients who requested a tailor-made fund to enable them to continue investing their assets with Madoff. These clients were represented by sophisticated financial institutions being fully aware of the nature of the investments. These investors, their advisors and the CSSF were informed about the fact that the sole purpose of Luxalpha was to enable the funds to be invested with Madoff. The fund documentation made it very clear that UBS (Luxembourg) SA was not expected to be responsible for the safekeeping of the assets. The fund documentation contained an explicit waiver to that effect. UBS does not have responsibility to these shareholders for the unfortunate results of the Madoff scandal.
The communiqué from the CSSF has no impact on UBS's Wealth Management clients in Luxembourg or on UBS's Luxembourg funds.