GlobeOp Financial Services has been appointed to provide investment management operations outsourcing services for European Credit Management, a specialist asset manager and subsidiary of Wells Fargo with approximately EUR12.1bn (UD15bn) in assets under management.
GlobeOp, which has completed more than 300 fund conversions to its platform since 2006, will provide European Credit Management with a broad range of investment operations services including trading support, pricing and valuation analysis, financial reporting and net asset value calculations.
As a result of this mandate, approximately 40 London-based European Credit Management employees plus some additional temporary staff will be transferred to GlobeOp on 1 July 2010.
Integration of the lift out is anticipated to take nine to 12 months.
“In making a selection for an outsourcing partner, we focused on the qualities of strong independent controls and checks and balances around key processes and service,” says Steven Blakey (pictured), chief executive officer of European Credit Management. “Furthermore, a good cultural fit with GlobeOp and career opportunities for our employees were essential.”
"ECM and Wells Fargo’s extensive due diligence when considering numerous and diverse solutions demonstrated dedication and responsibility to their clients," says Hans Hufschmid, GlobeOp chief executive officer. “This spoke volumes to us of their commitment to ‘client first’ practices.”
