Returns from commercial property fell to record lows last quarter. Total returns across all property classes in the last quarter of 2008 were minus 12.8 per cent, according to property consultancy Jones Lang LaSalle, which dragged returns for the full year down to minus 21.2 per cent.
Marc Dreier, the New York law firm founder accused of cheating hedge funds and other investors of more than $400m, was indicted by a federal grand jury.
Santander plans to repay Madoff victims (Fund News)
Santander on Tuesday night offered private clients to repay 100 per cent of the investments made in the Optimal Strategic US Equity fund, which was wholly invested with Mr Madoff. In exchange, clients would have to agree not to sue.
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