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: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.