HOWZAT

Man Group, the world's biggest listed hedge fund manager, also confirmed this morning that its RMF division has about $360 million (£240 million) invested in two funds that are "directly or indirectly sub-advised by Madoff Securities and for which Madoff Securities acts as broker-dealer executing the investment strategy."

RMF is an adviser to Bramdean Asset Management, the fund run by Nicola Horlick, who admitted last week to an exposure of about $25 million through her firm's listed Bramdean Alternatives portfolio.

Since Mr Madoff’s arrest, the list of casualties has continued to grow, with a number of charities exposed to the alleged scam.

Film director Steven Spielberg 's charity, the Wunderkinder Foundation, had 70 per cent of its interest and dividend income in the Madoff firm in 2006.

A spokesman for Mr Spielberg confirmed that the foundation has suffered losses on its investments with Madoff, but could not say how large these losses were.

The Elie Wiesel Foundation for Humanity, founded by the famed Holocaust survivor and writer, is also understood to have invested with the company.

The Robert I. Lappin Charitable Foundation, an American charity that supports Jewish programmes, invested its entire $8 million endowment with Mr Madoff. The head of the charity has said she does not expect it to survive.

Other casualties include Nomura, the Japanese bank which bought some of Lehman Brothers' European operations earlier this year, which said its exposure to investments with Mr Madoff totalled 27.5 billion yen (£202 million). A spokesman described the firm's potential losses as "limited".

BNP Paribas said last night that it had an exposure of €350 million. Reichmuth, a private Swiss bank, said that it was facing a $325 million loss and it was reported that Benbassat & Cie, another Swiss private bank, had exposure of $935 million.

Although regulatory filings show that Mr Madoff had only about 25 clients, the number who could lose money through funds that invested in Bernard L. Madoff Investment Securities could run into thousands.

Fairfield Greenwich Group, the hedge fund, said that it had $7.5 billion in investments linked to Madoff. Banque Benedict Hentsch Fairfield Partners, a private Swiss bank, has $47.5 million of clients’ money at risk.

Vincent Tchenguiz, the property magnate, who is one of Britain’s richest men, is understood to have invested £40 million with Bramdean.

Other wealthy individuals affected include Norman Braman, former owner of the Philadelphia Eagles American football team, Fred Wilpon, owner of the New York Mets baseball team, and J. Ezra Merkin, the chairman of GMAC Financial Services.

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