Lighthouse Partners, a fund of hedge funds with more than $6 billion in assets under management, expands its partnership with GlobeOp(R) Financial Services to a full-service fund administration relationship for all Lighthouse products.
GlobeOp, a provider of business process outsourcing, financial technology services and analytics to the buy-side, already provides middle-, back-office and risk management support for the Lighthouse proprietary managed account program. GlobeOps services are chosen by Lighthouse Partners to reduce operational risk and increase overall efficiency and transparency in investment and operational processes.
More than 20 professionals from the Lighthouse operations team in Florida will work jointly with approximately 85 GlobeOp counterparts in Connecticut, New York State and Mumbai, India to deliver “around the clock” post-trade processing for more than 60 managed accounts and five funds.
After our managed account program and operations team integrated successfully with the GlobeOp middle- and back-office, it was a comfortable, natural next step to upgrade to a full-service relationship, says Rob Swan, chief operating officer, Lighthouse. We now anticipate GlobeOp’s technology and business process innovations will add value through position-level transparency,operational controls, independent valuations and integrated risk reporting. That each is audited to SAS 70 Type ll standards is important to our fund managers and investors alike.
Underlying Lighthouse managers already greatly benefit from the integration with GlobeOp’s comprehensive, web-based middle- and back- office trade processing services, says Rob Swan. This partnership also provides our fund managers and investors with the increased independence, timeliness and transparency they require.
As Lighthouse Partners continue to strategically expand managed accounts, we look forward to underpinning their fund managers with a robust infrastructure and flexible services, says Vernon Barback, president and chief operating officer, GlobeOp. GlobeOp’s continuous investments in people, processes and technology are designed to provide clients like Lighthouse Partners with quality services and a long-term competitive advantage.
L.D.