UPDATE 1-Pali Capital parent files Chapter 11 bankruptcy

* Pali files after failing to find buyer

* Sought sale to group advised by ex-Bear Stearns CFO

NEW YORK, April 1 (Reuters) - The parent of Pali Capital, a boutique investment banking firm specializing in derivatives and fixed income that collapsed in February, filed for Chapter 11 bankruptcy protection on Thursday.

The firm, which once had annual revenue of about $200 million, decided to close after failing to find a buyer. It had tried to sell itself to a group advised by former Bear Stearns Cos Chief Financial Officer Sam Molinaro. [ID:nN01252415]

Pali Holdings Inc, the parent, filed voluntarily for protection from creditors with the U.S. bankruptcy court in Manhattan.

It had assets of $716,257 and liabilities of $31.76 million, according to schedules in its bankruptcy filing.

According to the filing, the largest unsecured claims include $20 million held by Mandeville Holding Ventures Co, which has an office in Panama, and $4.5 million held by JPMorgan Chase & Co (JPM.N).

The case is In re: Pali Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 10-11727. (Reporting by Emily Chasan and Jonathan Stempel; Editing by Steve Orlofsky)