Akron Beacon Journal – One partner is a former star college tennis player who managed money for an investment bank.

The other, the son of a well-known banker, has an MBA and worked on Wall Street.

Over the past decade, John Mangan Jr. and Hugh McColl III used their investing skills and connections to create one of Charlotte’s largest hedge funds.

But in recent months, Mangan & McColl Partners LLC has run into difficult times. In December, Mangan reached a settlement with regulators over charges of improper trading at his previous firm. The hedge fund also had one of its worse performance years in 2005.

After reaching more than $1.24 billion in assets in 2004, the firm fell to about $461 million at the end of 2005, according to a securities filings this week.

A hedge fund’s assets can slip because of bad investments, but investor withdrawals are a more likely reason for such a large drop, said James Cox, a professor of corporate and securities law at Duke University’s law school.

“They could be deserting for greener pastures,” he said.

Both Mangan and McColl declined to comment for this story.

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