A French money manager who placed $1.4bn with Bernard Madoff was found dead on Tuesday in what New York police called an apparent suicide as the financial industry continued to reel from Mr Madoff’s alleged $50bn fraud.

Thierry Magon de la Villehuchet, 65, chief executive of Access International Advisors, was pronounced dead at his Manhattan office, with cuts on both arms and wrists, and a box-cutter and pills nearby, police said.