Philadelphia Alternative Asset Management Company, LLC

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Cayman fund administrator settles hedge fund litigation for $19 million

UBS Fund Services (Cayman) Ltd. has agreed to pay $19 million to settle litigation brought against it as administrator of a failed offshore hedge fund that allegedly defrauded investors out of more than $200 million The settlement agreement between UBS Fund Services, and Stephen J. Harmelin, as Receiver for Philadelphia Alternative Asset Management Company, LLC and related parties, including Cayman-domiciled Philadelphia Alternative Asset Fund LP, was entered into on January 30, 2008.

Man Financial sues UBS (Cayman) after hedge fund collapse

Fund administrator UBS Fund Services (Cayman) Ltd. has been dragged into litigation concerning a hedge fund group that allegedly concealed $179 million of losses from investors before collapsing. On January 22, 2007, UBS was added as a third-party defendant to an action that was started nine months ago at the U. S. District Court for the Eastern District of Pennsylvania against Delaware-incorporated, New York-based futures broker Man Financial Inc. and others by C. Clark Hodgson, Jr., as Receiver for Philadelphia Alternative Asset Management Company, LLC (“PAAMCo”), Philadelphia Alternative Asset Fund, Ltd. (the “Offshore Fund”), Philadelphia Alternative Asset Feeder Fund, LLC, Philadelphia Alternative Asset Fund, LP, and Option Capital Fund, LP. The case has been set for trial in May, 2007.