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Opalesque Exclusive: GlobeOp assets reach $100bln, to announce dividend
Listed hedge fund administrator GlobeOp said in a statement obtained by Opalesque the first quarter revenue growth and adjusted operating profit continued to be strong and, despite a turbulent marketplace, AuA increased to $100 billion as at 31 March 2008 from $97 billion at 31 December 2007. "As is usual at the start of the year, aggregate investor redemptions in our clients' funds exceeded subscriptions in January. However, both February and March saw positive net subscriptions," according to GlobeOp.
GlobeOp said the cash balances (unaudited) as at 31 March 2008 remained above $36 million. The firm will make its first dividend payment as a public company on 29 May 2008. GlobeOp added that the current volatile market environment "will bring new opportunities in the long term but it may have a negative near-term impact on hedge fund industry growth."
GlobeOp says it has over 155 clients worldwide. With headquarters in London and New York, the firm employs more than 1,750 people on three continents; offices are also located in Dublin, Ireland; George Town, Cayman Islands; Harrison, NY and Hartford, CT, U.S.A.; and Mumbai (Bombay), India.
GlobeOp warns hedge funds face short-term woes as assets edge higher
From Thomson IM: Hedge fund administration firm GlobeOp Financial Services S.A. said on Friday that the industry should prepare for more difficulties in the short-term a...................... To view our full article Click here
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