Sept. 23 (Bloomberg) -- GLG Partners Inc., the $24 billion hedge fund that used Lehman Brothers Holdings Inc. as a prime broker, said it has no estimate for when assets frozen in the largest bankruptcy will be returned.

PricewaterhouseCoopers, Lehman's administrator, said yesterday it ``could take several months'' before returning assets that clients had parked with Lehman. GLG last week said it expected its ``residual exposure'' to Lehman's bankruptcy filing would ``settle shortly.''

``GLG continues to believe that the overall exposure of the GLG Funds and its other clients will not be material,'' it said in a statement today. ``GLG cannot predict when amounts exposed to (Lehman Brother International Europe) will be released and when pending transactions will be settled.''

GLG, founded as a unit of Lehman 13 years ago, filed a suit in New York last week to protect assets that ``may have been misappropriated'' in Lehman's sale of its U.S. investment bank to Barclays Plc. Michael Hodes, acting director of investor relations, declined to comment. GLG didn't disclose the amount of funds help by Lehman.

GLG, down by half this year in New York trading, is on the U.S. Securities and Exchange Commission list of financial service companies that can't be shorted, according to Bloomberg data.

Prime brokers provide hedge funds and other clients with services such as stock lending, margin and trade clearing.

To contact the reporter on this story: Tom Cahill in London at tcahill@bloomberg.net

Last Updated: September 23, 2008 09:01 EDT