Friday, 22 May 2015
Last updated 3 hours ago
Mar 3 2010 | 5:31am ET
Things are looking good for hedge fund administrator GlobeOp Financial Services. The firm’s assets under administration are back to where they were before the financial crisis struck, and the impressive growth the firm saw in the second half of last year has continued into the new year, it said.
GlobeOp said the assets it administers soared 30% to $109 billion in the second half. New clients—GlobeOp now counts about 190 hedge funds and asset managers as such—have added a further $1 billion in the early going this year, while existing clients have seen net inflows of some $3 billion.
Despite those figures, however, GlobeOp posted a $19.2 million loss last year due to a pre-tax charge taken to settle allegations that the firm improperly valued the assets of a collapsed hedge fund.
In August, GlobeOp agreed to pay Regents Park Capital Management $43.5 million, which imploded in 2006. The hedge fund’s CEO, Jae Wook Oh, was slapped with a three-year ban by the Financial Services Authority that year for allegedly misvaluing the fund’s assets.
GlobeOp CEO Hans Hufschmid told Dow Jones Newswires the deal “freed the management team to focus on optimizing our client serve offerings and infrastructure as new opportunities emerged.”
Hufschmid credited GlobeOp’s success last year in part to increased investor pressure for greater transparency and independent valuations of hedge funds. He said the firm may seek to grow via acquisitions this year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…