Refco institutional business decimated, Man admits

Following its victory in the bidding war for Refco's futures business (see FO Week Vol 10 No 45), Man Group has acknowledged that the fallen brokerage has already lost the majority of its institutional clients.

Speaking at the presentation of Man's half year results, deputy chief executive and finance director Peter Clarke acknowledged that Refco had lost the "bulk" of its institutional client base between the emergence of the scandal at the firm last month and Man's bid being accepted.