The brokerage arm of British hedge fund firm Man Group has emerged as the winning bidder in an auction for bankrupt Refco Inc's assets.
A spokeswoman for Refco confirmed that Man Financial was the winning bidder and said the company would seek approval for the offer from the US bankruptcy court later today.
Details of the offer were not immediately available.
Refco, which filed for bankruptcy last month after an accounting scandal sparked an exodus of customers, had received five bids for its assets. It was the largest US independent futures and commodities brokerage before its demise.
