GlobeOp to establish operation in Hartford, Connecticut

GlobeOp Financial Services is establishing a new operation in Connecticut that is expected to create 150 full-time jobs.

According to a statement by Governor M. Jodi Rell, the company, which provides operational solutions to asset managers, including banks, insurance companies and alternative asset management companies, recently signed a lease for approximately 20,000 square feet of office space at Goodwin Square in downtown Hartford.

"Bringing jobs and capital investment to our state is a top priority for me and my administration," said Governor Rell. "Today's announcement that GlobeOp Financial Services is coming to Connecticut and creating 150 new, high-paying jobs here is great news for Hartford and the local economy, and serves as an important reminder that our capital city continues to attract the best financial services companies and brightest workforce talent from around the world.

"The hedge fund industry is growing in Connecticut. While there is a large concentration of hedge fund companies in Fairfield County, today's announcement may signal the beginning of an expansion of this key industry into the Hartford region."

Connecticut has the highest concentration of financial managers in the USA. In the Hartford Market, the Insurance and Financial Services sector represents 12.5 per cent of its direct employment and 8 per cent of the total statewide employment base.

"We are pleased to open an expansion office in Hartford to accommodate our continued growth," said Hans Hufschmid, chairman and chief executive officer. "We expect to be fully operational by the end of 2006 or early 2007, and look forward to tapping into the highly skilled workforce in the area and further build our network of support for our clients."

GlobeOp Financial Services expects to be the first company to take advantage of the state's Job Creation Tax Credit and Displaced Worker Tax Credit programs, two new economic development initiatives proposed and recently signed into law by Governor Rell.

The Job Creation Tax Credit program provides tax credits for companies that relocate to Connecticut and create at least 50 new, full-time jobs in the state. Under the Displaced Worker Tax Credit program, Connecticut companies receive a USD 1,500-per-person business tax credit if they hire workers in the state who have been laid off.

Background notes: Headquartered in New York and London, GlobeOp Financial Services specializes in providing financial services and technological and operational solutions to asset managers, including banks, insurance companies and alternative asset management companies. GFS provides independent services essential to the successful operation of private investment entities with activities ranging across a wide spectrum of traded instruments.  The firm's GlobeOp Risk subsidiary provides independent risk reporting and quantification to investors, creditors and managers. Company expertise is drawn from the senior levels of international banking and fund management and encompasses a wide range of relevant experience.

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