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Broker’s cash coming back
THE ADMINISTRATORS of the British arm of collapsed US broker MF Global have recovered nearly £600m of customer funds held in segregated funds.
KPMG, the special administrator, has recovered £594m or 82 per cent of the cash, which is supposed to be held at arm’s length, City A.M. has been told.
This figure is likely to rise but customers may not get all their money back. The total payout depends on resolving the valuations of outstanding claims. KPMG’s costs have neared £20m but have not yet been approved by creditors.