GlobeOp: Hedge Funds Gain $3B In March

Apr 27 2009 | 12:34pm ET

Hedge fund administrator GlobeOp Financial Services said that its assets under administration began to rebound in the firest quarter.

The firm added US$3 billion in new assets over the first three months of the year, bringing its total assets under administration to US$91 billion.

”New clients with AuA of nearly US$12 billion, along with new funds from existing clients of US$5 billion and subscription inflows of US$3 billion, offset first quarter redemptions and terminations, which we knew would be substantial, as referenced in our 2008 preliminary results announcement,” said CEO Hans Hufschmid.

”In addition," Hufschmid said, "client fund performance generated over $1 billion, a positive sign that hedge fund managers may have begun adapting to the changing market environment."

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