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A Channel Islands-listed fund which held “substantial” assets with failed broker MF Global UK Limited has ceased trading.
British investors in failed broker MF Global are to question the efforts of administrators KPMG in London on Monday over the slow progress of recovering funds.
The Financial Services Compensation Scheme (FSCS) has begun the process of compensating MF Global customers, with private customers with individual accounts the first to receive application forms.
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Prudential have announced that chairman Harvey McGrath is to retire from the board of directors in 2012 once a successor has been found.
Lifemark investors have forced a meeting to decide the fate of the troubled portfolio to be postponed while a potential rescue deal is hammered out.
The Financial Services Compensation Scheme looks set to stump up $10m to allow a controlled liquidation of Lifemark after the main contender for a rescue of the fund pulled out.
The European Commission is pushing for tough rules that would force the world's biggest accountancy firms to abandon their consultancy businesses and share audit work with smaller rivals.
Keydata founder Stewart Ford has had his bid to stop the sale of some of Lifemark's assets rejected in a preliminary order by a Luxembourg court, but has said he plans to appeal the ruling.
A predicted wholesale shift by offshore hedge funds to re-domicile under EU UCITS legislation is unlikely, according to a survey by RBC Dexia and KPMG released today.
KPMG analysis of over 100,000 member records reveals the most common administration failings and how they are increasing fund liabilities by up to 5%.
With proposed new measures relating to non-UK domiciled individuals (non-doms) due for release by HMRC on 14 June 2011, accountancy firm KPMG is urging non-doms to give thought to their UK investment strategies sooner rather than later.
KPMG, PwC, Deloitte and Ernst & Young have offered to reform the way they operate ahead of what is expected to be a highly critical report on their role in the financial crisis and lack of competition in the sector.
The Investment Management Association (IMA) has confirmed it is leading efforts to shore up troubled Keydata-backer Lifemark, as part of a bid to recoup the fund management sector's £233m FSCS bill.
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