UPDATE 1-MF Global buys Washington Research Group

* Buys firm from Concept Capital for undisclosed sum

* WRG once owned by accused swindler Allen Stanford

* MF sees accretion in 12 months

By Paritosh Bansal

NEW YORK, Oct 26 (Reuters) - MF Global MF.N said on Tuesday it will buy Washington Research Group, a policy-focused firm once owned by accused swindler Allen Stanford, to meet client demand for insight on implications of public policy on markets.

The deal is the first for MF Global under Jon Corzine, who took over as CEO in March. Corzine, a former New Jersey governor and one-time Goldman Sachs Group Inc (GS.N) CEO, spent the first few months on an aggressive plan to streamline operations.

MF Global did not disclose the terms of the deal but a spokeswoman said it was not material. The firm is being sold by Concept Capital, an institutional broker owned by Sanders Morris Harris Group SMHG.O.

Concept Capital hired the principals of the Washington Research Group and its affiliated institutional sales and trading team in March 2009.

Stanford, who is facing federal fraud charges for allegedly engineering a $7 billion ponzi scheme, had bought the Washington Research Group from Charles Schwab & Co in 2005.

Washington Research Group, founded 35 years ago, is a 17-member policy analyst team. Its research, sales and trading staff will become part of MF Global's global equities group.

MF Global expects the deal, which is expected to close on Nov. 1, to be accretive within the next 12 months.

MF Global's shares closed down 0.8 percent at $7.75 on the New York Stock Exchange. (Reporting by Paritosh Bansal; editing by Gunna Dickson)