Man Group, the hedge fund giant, has hired 17 investment banks to sell shares in MF Global, the broking arm that it is lining up for a $5 billion (£2.5 billion) New York listing next month.

Five bookrunners will be joined by four lead managers and a further seven co-managers in a cast list of underwriters that features Citi, JPMorgan, Merrill Lynch, Goldman Sachs and Morgan Stanley.

Lazard has been named as financial adviser to MF Global.

Hiring a high number of investment banks will help to ensure that Man Group can successfully place MF Global shares.

However, it will also mean that some of Wall Street's leading equity analysts will not be able to write about the deal because they would have a potential conflict of interest.

Michael Sanderson, an analyst at Dresdner Kleinwort, noted that Man had mandated a "significant number of banks [for the listing] so that the level of investor penetration is very high".

He added: "This could encourage very strong demand for a high-quality, niche financial business."

Blackstone, the private equity behemoth poised to list in New York, has also hired 17 banks for its float.

Man declined to comment.

The world's largest listed hedge fund manager set a price range for its shares today of $36 to $39.

This implies a valuation for MF Global of between $4.6 billion and $5 billion.

Man, which will retain a minority stake in MF Global, is writing to shareholders to ask them to approve a 100 per cent sell-off.

According to filings with the Securities and Exchange Commission, the US regulator, the top six performers at MF Global stand to share up to $185 million in salary, shares and options packages over the next three years.

Kevin Davis, the UK-born chief executive of the broker, who is the biggest gainer, will collect about $25 million of shares at the listing.

He is on a three-year performance-related deal that could be worth $30 million and is paid a base annual salary of $1 million.

Chris Smith, incoming chief operating officer, picks up $17.5 million of shares and options worth $25 million.

The four other senior staffers are Amy Butte, Thomas Harte, Ira Polk and Simon Healy.

Man finally confirmed in March long-anticipated plans to spin off the brokerage arm, which includes part of Refco, the collapsed broker that Man bought last year.

The demerger will leave Man with its Man Investments asset management business, which manages approaching $65 billion of funds for both institutions and wealthy clients.

The float is being presided over by Peter Clarke, Man's new chief executive, who is executing the original plans made by Stanley Fink, the former boss who is deputy chairman.

Man shares lost 3p to 622.5p.

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