GlobeOp Financial Services S.A. ('GlobeOp' or 'the Company'), 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 financial year ending 31 December 2007.
Trading performance has remained strong and the Company has continued to perform well in the second half of the year. Highlights include:More than US$9 billion of AuA1 from new clients was added during the five-month period ending 30 November 2007Total AuA increased to US$94 billion at 30 November 20072, up 11% since 30 June and 24% to date in 2007Headcount grew 4% during the same five-month period, ending at 1,678 as at 30 November 2007Settlement of previously disclosed client service disputeCompletion of SAS 70 Type II examinationLaunch of integrated UCITS III OTC and risk services packageLaunch of Merrill Middle Office Solution powered by GlobeOp.
Hans Hufschmid, Chief Executive Officer, said: "We are very pleased with the progress we have made during the year. Despite the continued market turbulence we believe that full year growth in revenues and adjusted operating profit will be in line with expectations, which reinforces the robust and integral nature of our business model.
"We believe 2008 will bring to the industry an intensified focus on fund infrastructure as well as increased demand for OTC processing support as European mutual funds and US 130/30 funds ramp up volume alongside that of hedge funds and pension funds. The summer turbulence also highlighted the need for independence, transparency and speed in OTC valuation. These are areas of strength for GlobeOp and we are committed to helping our clients successfully address the heightened challenges ahead."
- 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, November 2007 client fund performance is not within the 30 November 2007 figure.