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December 3, 2022

Richard Heis

KPMG Finds Half of That MF Global Client Money; Still Not Making Any Promises

After apologizing for the slow pace, it appears the House of Klynveld has upped their game.

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

Okay, so there’s still half a bil out there somewhere. Anybody seen it? No? No worries, then. KPMG has a backup plan.

The administrator confirmed last week that it had sold MF Global’s stake in the London Metals Exchange to JP Morgan and the broker’s British metals desk had been offloaded to former rival FCStone. Heis said: “There are other parts of the business that could be sold and we are looking to sell them. We’re hopeful of making further announcements shortly.”

Your continued patience is appreciated.

KPMG recovers $500 million of MFG client money [Reuters]