Thursday, 28 July 2016
Last updated 1 hour ago
Jun 29 2010 | 7:51am ET
If the growth of GlobeOp Financial Services is any reflection as to how the hedge fund industry is doing, then it is indeed doing pretty well.
The hedge fund administration and technology firm has seen its growth in assets under administration rise to $121 billion as at 31 May 2010, an increase of nearly 50% over the last 12 months. The firm has also added 16 new clients to middle, back office and fund administration business since the beginning of the year.
"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," said Hans Hufschmid, chief executive officer of GlobeOp. "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."
The firm said in that its existing clients are performing well this year and attracting new capital. Aggregate client fund performance has added $5 billion to the firm's assets under administration. Subscriptions totaled nearly $18 billion in the first five months while redemptions and terminations were $15 billion through May. New funds from existing clients amounted to another $2 billion of assets under administration.
GlobeOp is headquartered in London and New York, and is listed on the London Stock Exchange.