has spun off its Telekurs North America Inc., selling it to a management group led by the investment firm Zilkha & Co. Financial terms were not disclosed. Zurich-based Telekurs, founded in 1930 by a consortium of Swiss banks and stock exchanges, decided to sell the North American subsidiary to concentrate on its European businesses, said Kenneth Marlin, president of the spun-off unit, which will be now called Telesphere Corp. Telesphere "is the next step in the evolution of one of today's leading global market data vendors," Mr. Marlin said. He said the company would retain its 250 clients, which include Merrill Lynch and Goldman Sachs.

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