Many non-US institutions have invested client funds with Bernard Madoff, the US fund manager who allegedly orchestrated a $50bn Ponzi scheme.

The list of institutions includes:
• Santander, whose Colonial fund of funds operation invested $3.1bn with Madoff, according to a person familiar with the situation.
• Unicredit. Its Pioneer Investments subsidiary said: “Certain of our funds are ultimately exposed to Madoff through feeder funds.”
• Geneva-based private banks have an exposure of more than $4bn, according to Le Temps.
• BNP Paribas said that while it did not have any investments in Madoff funds, it had provided collateralised loans to funds of funds that did have such investments. If the value of their investments was zero, BNP's losses would be roughly E350m.
• Man Group, the London-based fund manager, had roughly $350m of exposure via its RMF operation, according to a person familiar with the situation.
• Nomura marketed a feeder fund to its clients, according to a person familiar with the situation.