A growing client base and increased demand for new hedge fund support services and products underpinned the inauguration of GlobeOp Financial Services' third office in Mumbai, India in as many years.
GlobeOp is a leading independent financial technology specialist providing automated, integrated middle- and back-office administration and risk reporting services to hedge funds and asset management firms - including banks, insurance companies, pension funds and proprietary traders. GlobeOp is the largest hedge fund administrator in India: more than 900 of the company's 1,500 employees worldwide are based in the country, as are three of the company's eight offices.
The new 42,900 sq. ft. (3,985 sq. meters) software development and hedge fund administrative support facility can seat an additional 650 employees, and increases total GlobeOp office space in Mumbai to 96,010 sq. ft. (8,920 sq. meters).
"Our India team and operations have played a key role in GlobeOp's growth to-date and are a central element of our long-term strategy and ability to serve customers better," said Hans Hufschmid, GlobeOp chairman and CEO. "We opened our first GlobeOp facility in Mumbai in 2003 with 20 employees. Since then, we've continuously made significant investments here in people and infrastructure. It is part of our dual strategy of ambitious growth and providing our clients - through our resources on three continents -- with the flexibility to operate 'virtual' offices and manage funds from anywhere in the world. The steady growth in client demand in terms of volume and diversity of services provided by our India facilities in these past three years reflects positively on the expertise and dedication of our highly skilled, financially experienced professionals."
Nandini Sankar Piparaiya, chief operating officer and president of GlobeOp's India operations, described the key changes in the Mumbai facilities' role since initially being established in 2003 to provide hedge fund clients with integrated middle- and back-office fund administration and risk reporting services.
"In three years, we have grown to become the largest team in GlobeOp's international network. We have also differentiated ourselves from the more basic back office and business processing companies located in India by playing a key role in GlobeOp's business continuity and product innovation strategy. In addition to being unique in the hedge fund sector in India, our product development and financial services are designed for global hedge funds that rank among the most complex clients in the financial sector. Today approximately 70% of our 200 product development professionals worldwide are based in India. Several of the new portfolio tracking, reconciliation, valuation and performance products GlobeOp is bringing to market by the end of this year have been completely developed and strenuously field-tested here in India."
Separately, GlobeOp Financial Services (or GlobeOp), a leading, independent financial technology specialist providing automated, integrated middle- and back-office, administration and risk reporting services to hedge funds and asset management firms - including banks, insurance companies, pension funds and proprietary traders, today announced the appointment of Martin Veilleux as chief financial officer.
Veilleux also has been named to GlobeOp's management committee and will be based in the Manhattan office.
"Marty's extensive financial management and business planning experience in leading-edge technology products and business process outsourcing will be a valuable addition to GlobeOp's management team," said Hans Hufschmid, GlobeOp chairman and chief executive officer. "We look forward to his contributions as GlobeOp continues to grow with new service and efficiency innovations that support our clients' trading activities."
Veilleux, 44, brings more than 20 years of financial management experience in high-tech and service industries to GlobeOp. Veilleux most recently served as chief financial officer, treasurer and corporate secretary at NaviSys, a privately held provider of software solutions to leading U.S. life insurance companies. NaviSys was acquired last month by Accenture. Prior to joining NaviSys, Veilleux held CFO and other senior finance positions with both public and private companies, including MarketSource Corporation, Boron, LePore & Associates, Inc. and Concurrent Computer Corporation.
A certified public accountant, Veilleux began his career at Arthur Andersen & Company in Dallas, Texas, and holds a bachelor's in accounting from the University of Texas at Austin.