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From Komfie Manalo, Opalesque Asia:
Hedge fund service provider GlobeOp Financial Services S.A. released its Interim Management Statement covering July to August which showed surges in assets, earnings, new clients and subscriptions during the third quarter of this year.
GlobeOp, which provides automated, integrated middle- and back-office, services for about 190 hedge-fund and asset management firms representing approximately 1,500 funds, said that the positive trends in the first half of this year continued in the second half.
The firm's assets under administration (AuA) jumped to a record $139bn as at the end of Aug -2010, up by 15.83% or $19bn from June's AuA recorded at $120bn.New clients also poured an additional $15bn into the firm's AuA during July and August, while client subscriptions totaled $8bn offsetting the $5bn redemptions posted during that same period.
As of the end of May -2010, GlobeOp's AuA stood at $121bn, while its cash position was at $52m.
From July to August, fund performance added another $1.5bn to client asset balances and existing clients launched $0.5bn in new funds, the statement disclosed.
GlobeOp CIO Hans Hufschmid, commented, "We are very pleased with our pr...................... To view our full article Click here
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