Administrator GlobeOp Seeks Buyer

Jan 5 2012 | 6:43pm ET

Hedge fund administrator GlobeOp Financial Services has put itself up for sale.

The firm, which has some US$173 billion in assets under administration, said in a statement today that it has begun a strategic review because it "believes that the company's share price significantly undervalues its future prospects."

GlobeOp said it is in talks with private equity firms Advent International and TPG Capital about a possible takeover. The firm has hired investment bank Evercore Partners.

"GlobeOp is performing extremely well and we are confident of continuing the strong growth of the business under our current ownership structure," Ed Nicoll, the firm's chairman, said. "Nevertheless, the board felt it right to explore options which could enhance the interests of clients, employees and shareholders."

GlobeOp is seeking more than £300 million, according to Sky News, which first reported GlobeOp's plans.

Last month, GlobeOp CEO Hans Hufschmid lauded the firm's second half, saying that trading was strong and that revenues and profits were at record levels. GlobeOp is one of the largest administrators in the world, representing about 10% of total industry assets. In addition to offering administration, technology and other hedge fund services, GlobeOp also publishes a redemption benchmark for the industry.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...