Hedge fund trade body the Managed Funds Association has met in New York with the head of the London team at PricewaterhouseCoopers, the administrator to Lehman Brothers, amid growing frustration from hedge funds that the UK bankruptcy process is ill-prepared to handle insolvency of the scale and complexity of Lehman's.

More than 200 members of the US-based MFA including hedge funds attended the meeting with Tony Lomas last week to discuss the situation at Lehman Brothers International Europe, whose parent Lehman Brothers filed for US bankruptcy protection in mid-September.