GlobeOp Financial Services signed an agreement with JPMorgan FCS Corporation to license bank debt processing software for clients trading bank debt.
Through Wall Street Office software, which was developed by JPMorgan, GlobeOp will have access to straight-through processing (STP), trade processing and settlement, reconciliation, documentation and loan maintenance.
“This agreement enables GlobeOp to enhance its offering to its clients who are using bank debt as a key element in their portfolio strategies,” says Vernon Barback, GlobeOp’s president and chief operating officer. “Because bank debt is not standardized, GlobeOp’s ability to provide straight-through processing using Wall Street Office software gives our clients an important tool to streamline their operations, improve reporting and enhance the automation of their processes. We also have created an in-house bank loan operations group that takes advantage of GlobeOp’s administration expertise in London and New York. The bank loan group works closely with our customer service groups to enhance service to clients with bank debt in their portfolios.”
“This agreement means more hedge funds than ever before will have access to JPMorgan FCS’ industry-leading software for portfolio management, administration, reporting and analysis,” says Mark Murray, senior vice president of JPMorgan FCS Corp.