Thursday, 21 August 2014
Last updated 5 hours ago
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.
Aug 4 2014 | 7:42am ET
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The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note