MF Global UK clients set to get back cash this month – KPMG

THE ADMINISTRATOR of MF Global UK plans to start returning to clients the $1.2bn (£774m) of cash and assets frozen at the collapsed broker as early as this month, in a move that will placate customers ahead of their showdown with KPMG next week.

Richard Heis, KPMG’s joint special administrator of MF Global UK, said: “At the end of December we had recovered some 82 per cent of client monies and substantially all of the client assets. We hope to commence the return of client assets and an interim distribution of monies as early as this month.”

The administrator said he is initially talking with clients over the return of £30m of assets, in what would be the first returns to European customers since the US futures broker collapsed on 31 October.

The pledge comes as KPMG and MF Global clients prepare for a meeting on Monday, which will see the broker’s customers taking a vote of confidence on the administrator and appointing a committee to sign off KPMG’s fee.