The fund manager who shocked the market by closing his Altair Asset Management funds and returning the cash to investors, citing an imminent property calamity and market correction, is embroiled in a dispute surrounding his mother's share portfolio.

In a case proceeding through the NSW Supreme Court, Philip Parker, who is Altair's chairman and chief investment officer, is one of the defendants named in an action stemming from claims brought by his elderly mother, Faye Mary Parker and F M Parker Pty Ltd.