New York (HedgeCo.net) – Hedge fund tech provider GlobeOp Financial Services S.A., reports in a pre-close trading update that traditional hedge fund related-business have grown and new strategic mandates indicate the widening appeal for technological solutions in adjacent markets.
Highlights for GlobeOp’ s growth include:
- * Growth in Assets under Administration to $148 billion1 as at 30 November 2010, a 24% increase since 30 June
- * Strategic new business wins
- * Strong growth in Adjusted Operating Profit2
- * Continued operating leverage and cost structure efficiency
- * $84 million in cash as at 30 November 2010
“Trading during the second half of the year has been in line with management’s expectations.” Hans Hufschmid, CEO, said, “Revenues, adjusted operating profit2 and cash flows have remained strong. During the second half of 2010 we have added significant new business while our existing clients have again performed well. As a result, Assets under Administration (AuA) increased to a record total of $148 billion as at 30 November 2010, growing 24% since 30 June 2010.
“As we close out 2010 and prepare to enter the new year, business momentum is strong and we see substantial opportunities for GlobeOp. The appointment of a new head of global sales in late August and an expanding pipeline of new business add to our optimism. As such, we look forward to a promising 2011.” Hufschmid concluded.
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