Future of Refco TS, EasyScreen uncertain
Several sources in the derivatives market last week
corroborated rumours that defunct broker giant Refco's London
business, which was briefly owned by Man Financial, was sold on
in a management buyout backed by Marathon Asset Management for
the nominal fee of one dollar.
One source close to the deal told FO Week that the
accounts in London were sufficiently difficult to assess that
the component businesses were virtually given away to Marathon,
attached to between $30-40m in liabilities, including staff
Trading professionals close to the issue told FO
Week that Man had never intended to keep the European arm
of Refco's business as it had significant similarities with
Man's existing operations, and was instead far more interested
in its Asian units. These units had been retained to press
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