Refco's European assets to be sold to Marathon

Man Group PLC, the hedge fund manager that's buying Refco Inc.'s main futures business, agreed to sell the bankrupt broker's European operations to Marathon Asset Management LLC because they overlap with its own business.

New York-based Marathon is buying foreign exchange, futures and other brokerage businesses from Man Group's Man Financial unit, including about 2,000 customer accounts, Marathon and Refco said yesterday.

The units employ 300 people. The companies didn't disclose a price for the deal.

''Man took this decision because of the high level of client overlap with its own London operation," Man Financial said in a separate statement today.

Refco is selling its assets to help pay creditors the $16.8 billion it owes them after filing for Chapter 11 protection in the 14th largest bankruptcy in US history.