Hedge fund firm Man Group Plc sold its remaining stake in U.S.-listed futures and options broker MF Global in a deal that will earn it an initial $112 million.
The sale, announced on Friday after being flagged by Man Group earlier this year in the wake of MF Global's flotation in 2007, will also give Man limited gains from future share price rises over a three-to-four-year period.
The deal, handled by Japanese bank Nomura, will boost Man's regulatory capital surplus by around $90 million.
The transaction is the final step in Man Group's complete disposal of MF Global shares following its IPO in July 2007, Man said in a statement.
MF Global's flotation in 2007 raised a lower-than-expected $2.9 billion for Man as the beginnings of the subprime crisis hit investor sentiment.
Man Chief Executive Peter Clarke told Reuters in June the group could sell its remaining MF Global holding.
Man Group, the world's biggest listed hedge fund manager, sold the stake to Nomura, which then sold most of the shares on to institutional investors.
Nomura has disposed of the majority of the stake, a source close to the situation said.
Man Group shares were 1.3 percent higher at 265.6 pence at 1103 GMT, outperforming a 0.2 percent rise in the FTSE 100 .FTSE.
An MF Global spokeswoman said the transaction would further diversify the group's shareholder base.
(Editing by David Holmes)