GlobeOp provides trading update

Source: GlobeOp Financial Services

GlobeOp Financial Services S.A. ("GlobeOp" or "the Company"), (LSE:GO.) a leading independent provider of business process outsourcing, financial technology services and analytics to hedge funds and other asset managers, today issued a pre-close trading update relating to the year ending December 2009.

Business performance has been strong and GlobeOp has expanded its client base during the second half of the year. Highlights include:

• Growth in Assets under Administration (AuA) to $106 billion(1) as at 30 November 2009 from $83 billion at 30 June 2009, up 28% in five months • Addition of significant middle, back-office and fund administration (MBA) clients, including a substantial non-hedge fund client • Addition of a substantial Transaction Solutions customer • Continued operating leverage and production efficiencies • $45 million in cash as at 30 November 2009

Hans Hufschmid, Chief Executive Officer, said: "During the second half of 2009 we have added several significant clients and at the same time our existing clients have performed well. As a result, AuA as at 30 November was $106 billion, a 28% increase since 30 June 2009.

We have added 22 new clients so far in the second half of 2009. This has included a $4 billion hedge fund client and a $13 billion non-hedge fund client for our MBA services. We also added our largest Transaction Solutions customer, a leading pension fund manager requiring independent valuation services.

Client fund performance has continued to be strong and aggregate performance has now been positive for each of the past 12 months. Subscriptions and redemptions have also extended their favorable trends into the second half of 2009, with average monthly subscriptions increasing and redemptions decreasing each successive quarter of 2009.

We have continued to expand and improve GlobeOp's service offerings and we have prudently managed costs while making those investments. As a result we have had a strong second half of the year and believe we are well positioned for the future."

Notes:
1 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 2009 client fund performance is not within the 30 November 2009 figure.

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