GlobeOp Financial Services S.A. has issued a pre-close trading update relating to the financial year ending 31 December 2007.
Trading performance has remained strong and the company has continued to perform well in the second half of the year.
According to the report, more than $9 billion of AuA1 from new clients was added during the five-month period ending 30 November 2007; Total AuA increased to $94 billion at 30 November 2007, up 11% since 30 June and 24% to date in 2007; The number of employees grew 4% during the same five-month period, ending at 1,678 as at 30 November 2007; the settlement of a previously disclosed client service dispute took place; completion of The SAS 70 Type II examination was completed; The intergrated UCITS III OTC and risk services package was launched; and the Merrill Middle Office Solution powered by GlobeOp was also successfully launched.
“We believe 2008 will bring to the industry an intensified focus on fund infrastructure as well as increased demand for OTC processing support as European mutual funds and US 130/30 funds ramp up volume alongside that of hedge funds and pension funds. The summer turbulence also highlighted the need for independence, transparency and speed in OTC valuation. These are areas of strength for GlobeOp and we are committed to helping our clients successfully address the heightened challenges ahead,” says Hans Hufschmid, CEO, GlobeOp.