GlobeOp Returns To Profit In First Half

Aug 6 2010 | 11:07am ET

Hedge fund administrator GlobeOp Financial Services swung back to profit in the second half on higher revenue and a 10% increase in assets under administration.

The firm reported a $19.9 million pretax profit and $12.8 million net profit for the first six months of the year. In the first half of last year, GlobeOp suffered a $19.7 million net loss.

“We believe we are well-positioned for a successful 2010 and we are in line with external expectations for the year,” CEO Hans Hufschmid said.

Hufschmid said that its 190 clients saw subscriptions rise 150% in the first half, while redemptions have fallen by half. Inflows continued to top outflows in July, with more than $5 billion of the former and less than $4 billion of the latter.

GlobeOp said it administered $120 billion at the end of the first half. At least another $15 billion is coming in the second half, thanks to new client European Credit Management.

Revenue at the firm rose 13% to $89.4 million.


In Depth

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.