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Man Group is offloading the European brokerage operations of recently acquired Refco to Marathon Asset Management.

Ironically Marathon, was one of the bidders Man beat in the auction for Refco's assets two weeks ago. Man had to spend $282m to win the auction.

Marathon has brought a business with 2,000 accounts and 300 employees.

Whilst purchase price was not disclosed, Marathon has agreed to to "assume certain liabilities" of Refco.

Refco's European managing director Mark Slade will become CEO of the new company.

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