[movermike] movermike: Refco Returns

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Posted by movermike:
Refco Returns
http://www.movermike.com/posts/1175472181.shtml


     [1]The Man Group, the worldâs largest publicly traded hedge fund
     operator, said Friday that it would spin off its brokerage division
     to focus on its asset management unit.

     The step has been in the works for years but was delayed to give
     Man time to integrate into its brokerage operation some customer
     accounts and assets it acquired in 2005 from Refco, the American
     futures broker that went bankrupt.

     Man, based in London, plans to list a majority stake in the
     brokerage unit, which will be renamed MF Global, on the New York
     Stock Exchange in the third quarter of this year and return the
     proceeds to shareholders.

     The business, which focuses on derivatives and generates about 15
     percent of the groupâs profit, may be worth about $5 billion,
     analysts estimated. The public stock offering will give investors a
     chance to benefit from the explosive growth of the derivatives
     market, said Geoff Miller, an analyst at Bridgewell Securities in
     London. (emphasis added

   Man Group bid $282 Million for Refco. The purchase price might have
   been less depending on how many customers left Refco.

   [2]Refco [3]Man Group [4]Mover Mike

References

   1. http://www.nytimes.com/2007/03/31/business/worldbusiness/31hedge.html?_r=1&oref=slogin
   2. http://technorati.com/tag/Refco
   3. http://technorati.com/tag/Man+Group
   4. http://technorati.com/tag/Mover+Mike