PlusFunds Group

PlusFunds Group Inc. was a New York-based hedge-fund manager founded by Christopher Sugrue, a former Refco executive. The firm specialized in creating investable hedge fund index products, operating what became the largest independently owned hedge fund managed account platform in the early 2000s. One of its key offerings was the S&P Managed Futures Index Fund, which tracked the corresponding S&P index and provided investors with a hedge against the stock market.

The company's business model was closely tied to the commodities broker-dealer Refco Inc., which served as the brokerage for PlusFunds' SPhinX funds. This relationship proved catastrophic following the collapse of Refco in October 2005 due to a major accounting fraud scandal involving hidden debt. The revelation of PlusFunds' connection to Refco led to significant investor withdrawals and ultimately forced the company to file for Chapter 11 bankruptcy protection in March 2006. The firm faced litigation from Refco's creditors, who sought to reclaim funds that had been transferred out of Refco just before its collapse. After failed acquisition attempts, PlusFunds ceased operations and proceeded with liquidation.

Keywords: hedge fund manager, investable hedge fund index, SPhinX funds, Refco collapse, Chapter 11 bankruptcy, Christopher Sugrue, managed account platform, fund liquidation, commodities broker-dealer, investment services, financial fraud victim, asset management, investment solutions, S&P Managed Futures Index, securities litigation