Man nets $112m as it sells out of MF Global

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Man Group has sold its remaining stake in the New York-listed futures and options broker MF Global in a deal that will earn the hedge fund an initial $112m (£68m).

The sale was announced yesterday after being flagged by Man Group earlier this year in the wake of MF Global's flotation in 2007. It will also give Man limited gains from future increases in its share price over three to four years. The deal, handled by the Japanese bank Nomura, will boost Man's regulatory capital surplus by about $90m.