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Liliane Bettencourt, the world's wealthiest woman, entrusted part of her US$22.9 billion ($39.9 billion) fortune to Bernard Madoff through a fund manager found dead in New York, two people familiar with the matter said.
The 86-year-old daughter of L'Oreal founder Eugene Schueller was the first investor in a fund managed by Access International Advisers, the people said, speaking on condition of anonymity because her investment isn't public.
The body of Access co-founder Thierry Magon de La Villehuchet, 65, was found in his Madison Ave office on December 23. Police said he probably killed himself.
>>High society investor committed suicide after $2.4bn loss
"More high-profile names who have been victimised by Madoff will start to become known now," said Ron Geffner, who represents hedge funds at the New York-based law firm Sadis & Goldberg.
"There's a strong sense of anguish, fear and distrust."
Bettencourt is ranked 17th on the Forbes list of the world's richest people in 2008, the highest-ranking woman.
She holds a 30 per cent stake in Paris-based L'Oreal, the world's largest cosmetics maker, according to Bloomberg data.
She inherited L'Oreal in 1957 when her father died and holds a seat on its board.
- BLOOMBERG
