MF Global was not a hedge fund, although it accepted money from hedge funds such as Cadian Capital Management LLC
...“In this newly created role,” MF Global said in a press release about the hiring of the former Soros money man, ...“he will oversee the firm’s Principal Strategies Group, a newly initiated proprietary trading operation
You seem to be missing the point. Would it make more sense to you if I changed “hedge fund manager” to “money man”? There still are only a limited number of places for people with this skill set to work.