Nicola Horlick, chief executive of UK listed Bramdean Alternatives, has confirmed that hers is among a slew of fund of hedge funds which has invested in vehicles established by Bernard Madoff, a securities trader and investment adviser who was arrested yesterday before appearing at a Manhattan court charged with securities fraud.

Horlick is advised on hedge fund strategies by RMF, owned by Man Group. Bramdean had a 9.2% exposure to Madoff's Defender (4.9%) and Rye Select Broad Market XL Portfolio (4.3%) as of September, although gains made elsewhere by Bramdean in recent months are likely to have helped make up the deficiency.