KPMG set to return cash to MF Global clients
Pledge comes as KPMG and MF Global clients prepare for a meeting on 9 January
MF GLOBAL UK administrator KPMG plans to start returning to clients the $1.2bn (£774m) of cash and assets frozen at the collapsed broker as early as this month.
The move comes ahead of KPMG’s showdown with MF Global customers next week.
Richard Heis, KPMG’s joint special administrator of MF Global UK told Thomson Reuters on Thursday the administrator had recovered the majority of client monies and almost all the outstanding client assets.
“At the end of December we had recovered some 82% 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,” Heis said.
