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

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

CAIS: How Technology is Disrupting the Alternative Investment Industry

Nov 7 2017 | 5:35pm ET

If there’s one thing that alternative investment professionals can agree on, it...