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ZURICH (Reuters) - Private bank clients, already at loggerheads with wealth managers during the subprime crisis, are becoming more vocal in demanding lower fees after the Madoff scandal left many of them badly bruised.
Wealthy clients who parked assets with Swiss private banks and funds in other offshore centers feature heavily among the victims of a $50 billion fraud allegedly orchestrated by former Nasdaq chairman Bernard Madoff.
Many clients now complain that they pay too much for too little, especially as many of them have seen asset values shrink during the downturn.
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