Refco Sells Domestic Regulated Business To Man Financial

Refco Inc. reported that it has concluded its sale of substantially all of the assets of Refco's domestic regulated commodity futures business to Man Financial Inc., a wholly owned subsidiary of Man Group plc. As anticipated, the sale was consummated

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Refco Inc. reported that it has concluded its sale of substantially all of the assets of Refco’s domestic regulated commodity futures business to Man Financial Inc., a wholly owned subsidiary of Man Group plc.

As anticipated, the sale was consummated shortly after Refco LLC filed a voluntary Chapter 7 petition. The US Bankruptcy Court for the Southern District of New York approved the sale at the request of the Chapter 7 Trustee, Albert Togut, to permit the seamless transfer of customer accounts over the weekend when global markets are closed.

In addition, substantially all of the employees Refco LLC are joining Man.

Kevin Davis, CEO and chairman of Man Financial, said: “We are delighted that the difficult period since the October 10th announcements has now come to an end. We are confident that the combined strengths of our two companies will ensure that we are in a position to offer our clients an unrivalled service, across a wide variety of products, in every time zone.”

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