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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR