Marathon Asset Management is to buy Refco's European businesses, including Refco Overseas.

London hedge fund Man Group had bought Refco's futures brokerage business in a November 10 auction, but then decided that there was too much of an overlap between Refco Overseas and Man's existing London-based brokerage business.

It has sold the business to Marathon, which had also participated in the auction.

Mark Slade, formerly head of Refco's European operations, will become chief executive of the new