Swiss fund to repay Madoff clients $104 million

GENEVA: Switzerland-based finance group Notz Stucki said on Thursday it would repay 120 million Swiss francs (104 million dollars, 79 million euros) to its clients exposed to Wall Street swindler Bernard Madoff.

"Notz Stucki group has decided, in solidarity with its clients who have entrusted discretionary management mandates, to compensate part of their losses, for a sum that could reach 120 million francs," the group said.

It stressed however that this was a "gesture of long-term partnership with its clients that did not imply the responsibility of the group."

Madoff was arrested on December 11 and is to be sentenced on June 16 after pleading guilty to running a massive 50-billion-dollar pyramid fraud scheme.

Notz Stucki manages about 10 billion francs worth of assets, and has offices in Geneva, Zurich, London, Luxembourg, Singapore, Montreal and the Bermudas.