Almost $1 billion in MF Global UK client assets recovered


KPMG, the special administrators of MF Global UK, said some $923 million in client assets and monies have been recovered, in its six-monthly report published on November 29.

"We have seen some substantial progress made since our last progress report six months ago. In excess of £1 billion of assets have now been recovered into the house estate, while client assets and monies of some $923 million have been recovered," says Richard Heis, joint special administrator of MFG UK and restructuring partner at KPMG.

"Statements in draft or final form have been sent to 95% of all trading customers, and over $179 million has been distributed to them. We have resolved approximately half of the 1,300 disputed claims regarding segregated and non-segregated account classifications."

Heis says 70 MF Global UK employees have been retained until at least April 30, 2013 to work alongside a KPMG team on this complex case.

Key updates in the report:

Returning client monies/assets

• The special administrators have recovered in excess of £1 billion into the house estate (previous report: £509 million)

• Recoveries of client monies and assets stand at in excess of $923 million (previous report: $918 million)

• As at October 30, 2012, $179.3 million had been distributed to 2,362 clients (previous report: $92.1 million)

• Statements in draft or final form have been sent to approximately 95% of all trading customers

• As at October 30, 2012, £23.6 million of client assets had been returned to clients

• A total of 125 client asset, client money and creditor claims with a value of approximately $5 billion have been rejected by the special administrators

Segregated versus non-segregated issues

• The special administrators, working in conjunction with MFG UK management and staff, have resolved 650 out of approximately 1,300 disputed claims (c.49%)

• The remaining disputed accounts are under investigation, and the special administrators are working closely with legal counsel to determine the appropriate status of these accounts

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: