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GlobeOp in front office support negotiations with asset management firm

GlobeOp Financial Services has entered into exclusive negotiations to provide front office support and middle- and back-office services to the management company of a specialist asset manager with over USD15bn in assets under management.

GlobeOp will also implement a lift-out of the management company's current in-house support infrastructure.

The mandate does not include fund administration.

The agreement is expected to become effective in summer 2010, at which time approximately 50 employees will transfer from the management company to GlobeOp's employment.

Fees for this lift-out are commensurate with the size and the scope of the services to be provided.

Integration of the lift-out is anticipated to take nine to 12 months and the mandate is not projected to make a profit contribution until after integration is complete.

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