SS&C has confirmed Hans Hufschmid, the founder and CEO of GlobeOp, has decided to move on to pursue other opportunities.
GlobeOp shareholders approved the takeover by SS&C in May. Hufschmids departure has been the focus of speculation since the acquisition, which was further fuelled when SS&C CEO Bill Stone told Global Custodian that Hufschmid would be around through the integration. Weve talked to him about staying longer than that, and were certainly supportive of whatever hed like to do, Stone added.
Hufschmids depature was confirmed during SS&Cs announcement of its results for the second quarter of 2012 today. The company reported revenues of $120.9 million for the second quarter, up 31.6% from the second quarter of 2011. In the results, Stone said Hufschmid would continue with the renamed SS&C GlobeOp business in a consultative role until January 2013. Rahul Kanwar, senior vice president and managing director, will assume overall responsibility for the business reporting to Normand Boulanger, president and chief operating officer.
Hufschmid joined GlobeOps Board in 2000. Prior to becoming one of GlobeOps founding partners in 2000, he was a principal at Long-Term Capital Management (LTCM) and co-head of its London office for five years, supervising traders, researchers, programmers and administration personnel. He also served on LTCMs risk management and management committees.
Hufschmid previously spent 10 years with Salomon Brothers in London and New York; the last four as global head of foreign exchange sales and trading. He was a managing director and a member of Salomon Brothers credit committee.
Separately, SS&C GlobeOp today announced that hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index advanced 1.36% in August. The Index represents the monthly net of hedge fund subscriptions and redemptions administered by SS&C GlobeOp on the GlobeOp platform.
The Index has advanced 13.31 points over the past 12 months. SS&C GlobeOps total assets under administration on the GlobeOp platform, at $187 billion represent approximately 10% of the estimated assets currently invested in the hedge fund sector.
(JDC)