Opalesque Industry Update - GlobeOp Financial Services S.A., a leading independent provider of business process outsourcing, financial technology services and analytics to the hedge fund industry and other targeted sectors of the financial services industry, today issued a pre-close trading update relating to the first half of 2011.|
Business performance has been strong during the first half of the year. Highlights include:
Hans Hufschmid, Chief Executive Officer, on GlobeOp performance:
During the first five months of 2011, existing clients added new funds totaling $12 billion and new clients brought another $3 billion of assets to GlobeOp. In addition, client subscriptions were $20 billion versus redemptions and terminations of $19 billion. Fund performance added almost $8 billion to client asset balances and the impact of foreign currency exchange rates on non-US dollar-denominated funds resulted in an additional $1 billion increase in AuA.
Despite a challenging time for global markets, we are pleased with our progress so far this year. We remain focused on increasing our market share while carefully managing margins. We are investing in our business and during this period we have added to our sales and marketing efforts and invested in operations to expand our capabilities and deliver exceptional client service. We continue to win new mandates and see additional opportunities for growth. We believe we are well positioned for 2011.”
(1) Assets under Administration. Consistent with past disclosure the performance of clients’ funds for the current month is not included in the measurement of AuA at the end of that month. Thus, May 2011 client fund performance is not within the 31 May 2011 figure.
(2) A non-IFRS financial measure that is calculated by the Company as operating profit prior to depreciation and amortization expense, employee costs related to share-based compensation and integration costs.
Established in 2000, GlobeOp's innovative scope of services is engaged by nearly 190 clients worldwide representing $174 billion in assets under administration. Headquartered in London and New York, GlobeOp employs more than 1,900 people on three continents through its 10 offices in the Cayman Islands, India, Ireland, the UK and U.S. www.globeop.com