Reverberations from the collapse of derivatives broker Refco may have put PlusFunds Group on some shaky ground, according to MarketWatch.com. Last month, Refco creditors questioned how the fund manager was able to move $312 million from Refco to a separate brokerage account at Lehman Brothers just days before Refco's $16.8 billion bankruptcy filing last October.

Attorneys representing creditors claimed the trade smacked of a too-cozy relationship between PlusFunds, which controls the rights and sale of Standard & Poor's hedge fund indices, and Refco, which managed and marketed one of its funds. A bankruptcy judge agreed, and ordered that the assets in question be frozen.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.