GlobeOp Financial Services, an independent provider of administration, financial technology services and analytics to hedge funds and other asset m
GlobeOp Financial Services, an independent provider of administration, financial technology services and analytics to hedge funds and other asset managers, has reported a strong trading performance for the first half of 2008, with assets under administration rising by 5 per cent to USD102bn.
GlobeOp says it enjoyed strong revenue growth in its core middle- and back-office services and fund administration business, as well as expansion of its transaction solutions business driven by GoOTC product offering. The first half of 2008 also saw the launch of GoPayments, an automated buy-side payment-matching link to the Depository Trust & Clearing Corporation for OTC credit derivatives trades.
"Despite some of the most difficult financial markets experienced in nearly two decades, GlobeOp has delivered excellent performance across all of our key metrics," says chief executive Hans Hufschmid. "We have continued to grow assets under administration and revenues while expanding our profitability.
"In addition, so far this year subscriptions into our clients’ funds have exceeded redemptions, existing clients have launched new funds and we have added new clients. Growth in our middle- and back-office and fund administration business has continued to be augmented by strong transaction solutions revenue, particularly from our GoOTC offering.
"Although March saw our clients’ performance hit the hardest since the credit crunch began, they still delivered positive returns through the first five months of the year, a period during which new funds from existing clients outnumbered start-ups. This demonstrates both the depth and quality of our client base and the attractiveness of new market opportunities."
GlobeOp provides automated integrated middle and back-office, administration and risk reporting services to hedge funds and asset managers including banks, insurance companies, mutual and pension funds and proprietary traders.
Established in 2000, GlobeOp serves more than 155 clients. A company registered in Luxembourg, GlobeOp employs more than 1,700 people at its headquarters in London and New York and offices in Dublin, George Town (Cayman Islands), Harrison (New York), Hartford and Mumbai.
