LONDON: MF Global UK's administrator KPMG does not believe it will find a rescuer for the failed futures brokerage and is resigned to shutting the business, the Times reported, citing a message to the firm's remaining staff.
KPMG told 300 MF Global UK staff by email that it had given up marketing MF Global's remaining British operations after it failed to find a buyer after a six-week search, the newspaper said.
MF Global had been one of the biggest US futures brokerages but the firm, led by former US Senator Jon Corzine, failed after a bad $6.3 billion bet on European sovereign debt spooked counterparties and investors.
The Times said KPMG joint administrator Mike Pink had told the paper the brokerage's UK division could not be saved.
"A marketing process was conducted for each main business area, but no viable bids were received. These were 'wasting assets', being people or relationship-driven businesses," Pink said according to the paper.
KPMG told MF Global clients on Friday it had closed or transferred almost all of the stricken broker's 1.6 million British client positions.
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