abstract:A SICAV is an open-ended collective investment scheme common in Western Europe, especially Luxembourg, Switzerland, Italy, Spain, Belgium, Malta, France and Czech Republic. SICAV is an acronym for French société d'investissement à capital variable, which can be translated as 'investment company with variable capital'.
In a press release, Picard claims UBS actively assisted the Madoff Ponzi scheme by sponsoring and administrating Luxalpha SICAV and Groupement Financier, two feeder funds.