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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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West Palm Beach (HedgeCo.net) - The CEO of Man Group, Peter Clarke, announced the appointment of the new CEO of the Middle East arm as Patrick Merville, to take effect from 1 October, following the retirement of Antoine Massad.
Man, a global leader in alternative investments, was the first hedge fund provider to open a local office in the Middle East 22 years ago. Under the leadership of Massad, Man has broken new ground and today enjoys clear leadership in the region.
Merville joined Man three years ago as deputy regional CEO and head of institutional business. He succeeds Antoine Massad who has decided to retire after nearly 20 years’ service with Man to pursue private interests.
Mr Clarke said the appointment was testament to Man’s ability to attract the best talent in the industry.
"Patrick takes the reins of the leading alternative investment firm in the Middle East at a time when sophisticated private and institutional investors are, increasingly, seeking an alternative to the traditional investment classes," he said.
"For Patrick, this is as a step up in his long career in alternatives. Patrick’s continuing goal will drive the business to new levels of success in the region on the back of Man’s range of innovative products and the region’s growing role in the global economy."
Before joining Man, Mr Merville was a director at Merrill Lynch in London, where he spent six years, first as an institutional salesperson in emerging market equities and then in the hedge fund prime brokerage sales group. An experienced banker with exposure to hedge funds and alternative investments throughout his career he has also held roles at HSBC in New York as vice-president in institutional sales, emerging market equities, and at Credit Agricole where he was an associate in the private equity business.
Merville holds a BA in Economics from the American University of Beirut and an MBA in Finance from Columbia Business School.
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West Palm Beach (HedgeCo.net) - Hedge fund Provider, Fidelity ActionsXchange, has appointed Laura J. Pollard as executive vice president and head of the company. Pollard will report to Larry C. Renfro, president of Fidelity Developing Businesses, a new division that comprises a number of growing businesses and strategic initiatives for Fidelity.
“Working in partnership with ActionsXchange’s management team, Laura has done an outstanding job of leading the company over the past several months, and I am confident that her industry experience, proven strengths as a leader and ability to build strong relationships with clients will position her for success in her new role,” said Renfro. “Laura will lead a talented and experienced management team that will continue its focus on providing the most accurate, timely, and comprehensive global corporate actions information to our clients.”
Pollard, a 19-year Fidelity veteran, will lead all aspects of ActionsXchange’s day-to-day operations. Prior to her new role, Pollard spent the past two years as ActionsXchange’s senior vice president of client services, product development and implementation. Before joining ActionsXchange, Pollard spent four years at Fidelity Charitable Services and 13 years in a variety of leadership roles in Fidelity’s 401(k) retirement services and benefits outsourcing divisions.
ActionsXchange was formed in 1997 to offer corporate actions processing software and outsourcing solutions to financial institutions. Operating as an independent company, ActionsXchange partners with more than 50 major global financial institutions such as banks, asset managers, hedge funds and broker-dealers.
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