Lehman’s U.K. Administrator Seeks to Return Hedge-Fund Assets

``About 700 hedge funds and investment firms lost control of $23 billion in assets when Lehman filed for bankruptcy on Sept. 15. They were clients of the European unit’s prime brokerage in London. MKM Longboat Capital Advisors LLP, based in London, closed its $1.5 billion Multi-Strategy fund after assets were stuck in Lehman. GLG Partners Inc. of New York said at least $95 million in trades were locked up. ''