Madoff investment scandal to enable the Irish regulator to uncover the fraud much earlier than late 2008 when he was finally arrested in New York. The scheme began to unravel in the fall of 2008, when the general market downturn accelerated. Madoff had previously come close to collapse in the second half of 2005 after Bayou Group, a group of hedge funds, was exposed as a Ponzi scheme that used a bogus accounting firm to misrepresent its performance. By November, investors had requested $105 million in redemptions, though Madoff's Chase account only had $13 million. Madoff only survived by moving money from his
Investment trust to gear for investment purposes. The investment trust sector, in particular split capital investment trusts, suffered somewhat from around 2000 to 2003 after which creation of a compensation scheme resolved some problems. The sector has grown in recent years particularly through the launch of investment trusts investing in more illiquid assets such as property, private equity and infrastructure. Assets managed by investment trusts reached £174.4 billion at the end of December 2017. The first investment trust was the Foreign & Colonial Investment Trust, started in 1868 "to give the investor of moderate means the same advantages as the large capitalists