West Palm Beach (HedgeCo.net) – Hedge Fund provider GlobeOp Financial Services S.A. published its Interim Management Statement covering the period since 30 June 2008. As a group, GlobeOp’s clients appear to have out-performed the industry.
"I am pleased to report that we have continued to grow revenues and Assets under Administration (to US$108 billion at 30 September 2008 from $104 billion at 30 June 2008) against a background of turbulent markets and a challenging environment for our clients," Hans Hufschmid, Chief Executive Officer, said, "the three-month period to September has been the strongest quarter this year for fund launches from new clients as well as launches from existing clients. In addition, similar to the first half of 2008, client funds grew organically during the period.
Preliminary data show performance for September of approximately -3% (which includes any exposure to Lehman Brothers) and year-to-date clients show negative returns of around -5.5%. This contrasts positively with performance reports from the Barclays Hedge Fund index and the HFRX index which both show year to date returns of more than -11% through September.
In the three months prior to Lehman Brothers insolvency, GlobeOp used GoCredit to identify and assess specific exposures. As a result, clients terminated or re-assigned over half of their Lehman Brothers positions, reducing their initial margin posted with Lehman by approximately $180 million.
GlobeOp provides administration services to over 180 clients representing hundreds of distinct hedge funds with total assets of $108 billion. Established in 2000, GlobeOp today serves over 180 clients worldwide, representing $108 billion in assets under administration (AuA). With headquarters in London and New York, GlobeOp employs more than 1,800 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.
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