Refco-Sify will be Man Financial

Refco-Sify Securities India will be rechristened as Man Financial-Sify Securities India Pvt. This follows acquisition of Refco LLC in the US by Man Financial on November 25.

In a media statement, Refco-Sify today said Man Financial now holds Refco's 70.15 per cent stake in Refco-Sify Securities India. The remaining 29.85 per cent stake is with Sify.

The new name will be effected after the change in shareholding of Refco-Sify is formalised. Refco Capital India, a wholly owned subsidiary of Refco-Sify Securities, will also be re-named after its new majority stake holder, Man Financial.

Kevin Davis, CEO of Man Financial, said in the statement; "Man Financial's successful proposal earlier this month for the acquisition of various assets of Refco included Refco's majority holding in the highly successful Indian company Refco-Sify Securities India.

"We have since moved forward rapidly to complete the acquisition of this interest, with the active co-operation of Sify, which has been tremendously supportive of this business for the last five years. We have now reached an important stage where our acquisition of the Indian business is conditional solely on securing formal approvals of the change of ownership from the regulatory authorities in India."

Man Group is a leading global provider of alternative investment products and solutions as well as one of the world's largest futures brokers.

The group employs over 3,000 people in 15 countries, with key centres in London, Pfäffikon (Switzerland), Chicago, New York, Paris, Singapore and Sydney. Man Group plc is listed on the London Stock Exchange (EMG.L) and is a constituent of the FTSE 100 index.