Man Group Considers Madoff Legal Action

By Jane Wardell

LONDON -- Man Group, the world's largest publicly traded hedge fund, said Wednesday that managed assets fell 21 percent in the third quarter and that it was considering legal action over its exposure in the alleged Madoff fraud.

Man Group said clients' funds under management at the end of December were $53.3 billion -- down from $67.6 billion at end-September.

The group last month wrote off completely its $360 million invested in two funds that are directly or indirectly linked to former Wall Street trader Bernard Madoff.

"We are actively reviewing all options to recover assets for our investors," a Man Group spokesman said, requesting anonymity on company policy, when asked about reports the firm intended to sue Madoff. ...