Tuesday, 26 May 2015
Last updated 2 hours ago
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…