GlobeOp Financial Services S.A., a provider of business process outsourcing, financial technology services and analytics to the hedge fund industry and other targeted sectors of the financial services industry, publishes its Interim Management Statement covering the period since 30 June 2008.
Business performance has remained strong at the start of the second half of 2008. Highlights include:
* Continued increase in Assets under Administration (AuA) to US$108 billion at 30 September 2008 from $104 billion at 30 June 2008
* Strongest quarter of the year with over $5 billion of AuA from new fund launches from both new and existing clients
* GlobeOp client fund performance exceeding market averages and indices
* $5.5 million investment in data center and office facility in Yorktown Heights, New York
“I am pleased to report that we have continued to grow revenues and AuA against a background of turbulent markets and a challenging environment for our clients,” says Hans Hufschmid, chief executive Officer. “The three-month period to September has been the strongest quarter this year for fund launches from new clients as well as launches from existing clients. In addition, similar to the first half of 2008, client funds grew organically during the period.
As a provider of middle-, back-office and administration services to over 180 clients representing hundreds of distinct hedge funds with total assets of $108 billion, GlobeOp is placed to identify trends and potential future hedge fund industry service requirements. While it is too early to determine the full impact of recent events on the hedge fund market, we have already seen clear short term effects on our clients and identified emerging shifts in industry fundamentals.
To view the full statement please go to www.globeop.com.
D.C.