Man Group will help fund its $282m (£164.1m) acquisition of the brokerage
business of Refco with a multimillion-dollar share-placing.
Reporting first half results for the six months to the end of September 2005,
Man announced that it would launch the £125m share placing after it won the
auction for the global futures brokerage arm of Refco.
Refco collapsed after chief executive Phillip Bennett allegedly used a hedge
fund to conceal an irregular $430m debt from investors and regulators.
Commenting on the Refco purchase, Man chief executive Stanley Fink said:
‘This represents an exciting opportunity for brokerage to access a wider
customer base, improve transactional efficiencies and further develop the pool
of liquidity represented by the enhanced customer flow.’
Man Group’s share price climbed 3.39% as it reported a 59% increase in
pre-tax profit, excluding last year’s $215m exceptional gain, as it reached
Brokerage net income was 19% up at $83m.
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