GlobeOp Financial Services, a provider of business process outsourcing, financial technology services and analytics, saw an increase in assets under administration to USD139bn at 31 August 2010 from USD120bn at 30 June 2010.
New clients added USD15bn of assets to GlobeOp’s platform during July and August.
At the same time client subscriptions totalled USD8bn, partially offset by redemptions of USD5bn.
Fund performance added another USD1.5bn to client asset balances and existing clients launched USD0.5bn in new funds.
Hans Hufschmid, chief executive officer of GlobeOp, says: "We are very pleased with our progress thus far in the second half of 2010. We initiated our USD14.6bn lift-out mandate for European Credit Management in July. The integration is on schedule and we remain focused on exceptional client service and a smooth transition with ECM. We have also added General Motors’ treasury department as a transaction solutions client for OTC derivative collateral management services.”
The company’s financial position remains strong with cash balances at 31 August 2010 of USD65m (unaudited), up USD5m since June 2010.
The company continues to have no borrowings outstanding under its available revolving line of credit.
Subscriptions into client funds have totalled nearly USD3bn for September. Combined with inflows for July and August quarterly subscriptions have exceeded USD11bn for the first time in the company’s history.
Redemptions so far in September are USD1bn, which brings total redemptions for the third quarter to date to USD6bn, the lowest quarterly amount this year.