Man Group, the world's largest alternatives manager by assets, could raise as much as $5bn (€3.7bn) from the flotation of its brokerage unit after setting the price range for the New York listing today.

Man, which confirmed the highly anticipated demerger of Man Financial at the end of March, had been expected by analysts to raise roughly $4.5bn by selling at least 80% of the brokerage business later this year.