GlobeOp Reports Strong Growth, Says Hedge Fund Clients Are Attracting New Money

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.


In Depth

Fund Focus: Asian Frontier Capital Offers U.S. Investors Access To Untapped Markets

Mar 2 2015 | 6:47am ET

Hong-Kong based asset manager Asian Frontier Capital is making a capital raising...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk Management: The Due Diligence Challenge And Branding Opportunity

Mar 2 2015 | 8:41am ET

The hedge fund firms that make it easier for prospective investors to gain comfort...

 

Editor's Note