Money graph

GlobeOp assets under administration rise by 50 per cent

GlobeOp Financial Services, a provider of business process outsourcing, financial technology services and analytics to hedge funds and other asset managers, had assets under administration of USD121bn at 31 May 2010, an increase of nearly 50 per cent over the last 12 months.

GlobeOp added 16 new middle, back office and fund administration clients in the first five months of the year, with total AUA of nearly USD3bn.

Aggregate client fund performance has added USD5bn to GlobeOp’s AUA.

Subscriptions totalled nearly USD18bn in the first five months while redemptions and terminations were USD15bn through May.

New funds from existing clients amounted to another USD2bn of AUA.

In May 2010, GlobeOp entered into exclusive negotiations to provide investment manager operations outsourcing services for the management company of a specialist asset manager with roughly USD15bn in AUM. As part of this transaction, approximately 40 employees will transfer from the management company to GlobeOp’s employment. An agreement is expected to become effective in July 2010.

Hans Hufschmid, chief executive officer of GlobeOp, says: "GlobeOp performance during the first half of 2010 has been strong. Financial performance has been very good and we continue to make progress on strategic new business opportunities. We expect revenues, profits and cash flows for the first half to meet or modestly exceed management’s targets and this gives us comfort that we are in line with external full year growth projections.”

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