KPMG recovers $500m in MF Global assets

MF GLOBAL UK administrator KPMG said it had recovered about $500m (£320m) of client assets frozen at the defunct broker, and planned to make significant returns to customers before a March 2012 deadline.

“We have so far collected about a half of the approximate $1bn outstanding but it is hard to speculate on the final amount given we are dependent on third parties,” said KPMG partner Richard Heis yesterday.

Former MF Global UK clients will be relieved their cash is starting to return to the administrator, via exchanges, clearing houses and banks, as they prepare to start filing their applications to claim back their monies.

KPMG said on Monday clients will be able to formally claim from early next month and have to the end of March next year to make submissions.

Heis said: “While we have set a deadline for client monies claims of the end of March, we will evaluate all claims made and, naturally, some claims will be more difficult to agree.”