Hedge Funds

Philly fund investors demand $179m from Man Group


Man Group Plc's brokerage arm violated a court order by failing to turn over $179 million taken from Philadelphia Alterative Asset Management, a collapsed hedge fund, according to the receiver appointed to reclaim some of those funds.

The receiver, Clark Hodgson, filed a motion in federal court on January 16 looking to compel the brokerage arm, Man Financial, to deliver the money. Man had earlier stated that it was entitled to use the funds to cover trading losses at the Philadelphia firm.

The dispute between the world's largest hedge fund firm, Man Group, and Philadelphia Alternative Asset Management investors