Monday October 10, 2005 ( The Guardian ) The United States’ securities and exchange commission, the world’s most powerful financial regulator, haslaunched its own investigation into allegations that Man Group helped to hide losses of $175m (£100m) from investors in a Cayman Islands hedge fund.
The SEC is thought to have begun its inquiry within the past week into the collapse of Philadelphia Alternative Asset Management (PAAM), a hedge fund for which Man Financial, Man’s brokerage business, transacted trades. It comes as investors have started behind-the-scenes discussions to determine whether to launch multi-million pound claims for compensation against Man.
