We're not dead yet....

Ivy and UBP, between them 2.2 Billion Exposure to Madoff...  Ivy with the lowest exposure to Madoff shriveled in on itself and died, while UBP with the largest gets to see another day.  Not sure how hiring Larry from Ivy, helps, but I suppose the logic is that it was a damn sight better than UBP previous risk managers.

Larry Morgenthal named chief executive of UBP Asset Management

By Emily.perryman

Created 06/07/2010 - 14:48

Union Bancaire Privée has appointed Larry Morgenthal as chief executive of UBP Asset Management, the group’s US business.
He also assumes the role of chief investment officer of alternatives.
Morgenthal will spearhead the renewed activity in the company’s fund of hedge funds platform, following the reinforcement of its investment and risk management teams since 2009. UBP has been investing in hedge funds since 1972.
“The case for hedge funds and their alpha-generation potential is undisputed,” says Richard Wohanka, chief executive of asset management and alternative investments at UBP. “It is time to look at hedge funds in a new way: as core portfolio holdings, rather than as a small part of an alternatives segment. UBP has the right infrastructure to offer clients funds of hedge funds that can enhance the opportunity set for balanced portfolios, and for traditional equity and fixed income investments. Larry has a long track record of building alternative businesses through an understanding of client priorities and I am delighted that he will be leading the alternatives division at UBP.”
Morgenthal has 18 years of direct involvement in alternative investing and business development, having started his career managing the assets for two large US pension funds, NCR and Asea Brown Boveri.
He has held senior positions in Bank of America’s alternative investment group, where he headed the overall business and chaired the investment committee, as well as at Opus Capital Group, where he was managing partner, and Ivy Asset Management (BNY Mellon), where he held the roles of chief operating officer and later chief executive.

We're not dead yet....