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Hans Hufschmid, chief executive officer, GlobeOp Financial Services

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GlobeOp sees continued growth across its business

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GlobeOp Financial Services has experienced strong performance during the first half of the year according to the company’s latest trading update.

Assets under Administration (AuA) had grown to USD174 billion1 as at 31 May 2011, an increase of 17% from USD149 billion at 31 December 2010, while the company has continued to add new clients and expand revenues.

Hans Hufschmid, Chief Executive Officer, says: "GlobeOp’s performance during the first half of 2011 has been strong. Revenues, adjusted operating profit and net income have all continued to grow. Assets under Administration increased to a record total of USD174 billion as at 31 May 2011, while the average yield of MBA revenue relative to AuA remained slightly under 12 basis points.  Cash balances grew to USD77 million by the end of May.
 
During the first five months of 2011, existing clients added new funds totaling USD12 billion and new clients brought another USD3 billion of assets to GlobeOp.  In addition, client subscriptions were USD20 billion versus redemptions and terminations of USD19 billion.  Fund performance added almost USD8 billion to client asset balances and the impact of foreign currency exchange rates on non-US dollar-denominated funds resulted in an additional USD1 billion increase in AuA.
 
Despite a challenging time for global markets, we are pleased with our progress so far this year.  We remain focused on increasing our market share while carefully managing margins.  We are investing in our business and during this period we have added to our sales and marketing efforts and invested in operations to expand our capabilities and deliver exceptional client service.  We continue to win new mandates and see additional opportunities for growth.  We believe we are well positioned for 2011.”

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