Man, the London-listed hedge fund group, has been ordered to hand over documents and telephone records to the receiver of Philadelphia Alter...

Man, the London-listed hedge fund group, has been ordered to hand over documents and telephone records to the receiver of Philadelphia Alternative Asset Management, a collapsed hedge fund, amid allegations that substantial trading losses at PAAM were hidden from investors.

Man Financial, the group’s broking arm, acted for the now defunct PAAM, and has been accused in a contempt motion filed in a Pennsylvania court by the receiver of complicity in helping PAAM to disguise the fund's true investment performance by hiding $175 million from investors in trading losses in a secret account.

Man Group has strenuously denied allegations of its failure to cooperate with the US authorities in the investigation. The hedge fund manager has already handed over more than 4,200 pages of documentation but the receiver has demanded access to more than 10,000 documents supplied by Man to the Commodity Futures Trading Commission, which had originally brought the case to court.

In its reply to the contempt motion, Man rejected the receiver's allegations as "scandalous and prejudicial". The company said that the receiver’s demands were "unreasonable, overly broad and unduly burdensome".

PAAM was set up and launched last year by former trader Paul Eustace. It had raised around $300 million from investors before it collapsed in June of this year.

The firm's assets have been frozen by the court.