GlobeOp Financial Services, a provider of business process outsourcing, financial technology services and analytics to the financial services industry, has reported assets under administration of USD148bn as at 30 November 2010, a 24 per cent increase since 30 June.
The company had USD84m in cash as at 30 November 2010.
Hans Hufschmid, chief executive officer, says: "Trading during the second half of the year has been in line with management’s expectations. Revenues, adjusted operating profit and cash flows have remained strong. GlobeOp continues to experience excellent operating leverage as we maintain our focus on cost efficiency. During the second half of 2010 we have added significant new business while our existing clients have again performed well. As a result, assets under administration increased to a record total of USD148bn as at 30 November 2010, growing 24 per cent since 30 June 2010.
“GlobeOp has had a very successful year thus far. Traditional hedge fund related-business has grown and new strategic mandates indicate the widening appeal of our solutions in adjacent markets. So far in 2010 GlobeOp has won a significant lift-out mandate with European Credit Management Limited, added 29 other new middle-, back-office and fund administration customers and expanded relationships with existing hedge fund clients. Morgan Stanley also selected GlobeOp to provide independent middle and back office services for its managed account platform Alphas. In addition, GlobeOp added General Motors’ treasury department as a transaction solutions client for OTC derivative collateral management services.”
