NEW YORK and LONDON, Oct. 10, 2006 (PRIMEZONE) -- A growing client base and increased demand for new hedge fund support services and products underpinned the inauguration of GlobeOp Financial Services' third office in Mumbai, India in as many years. GlobeOp is a leading independent financial technology specialist providing automated, integrated middle- and back-office administration and risk reporting services to hedge funds and asset management firms -- including banks, insurance companies, pension funds and proprietary traders. GlobeOp is the largest hedge fund administrator in India: more than 900 of the company's 1,500 employees worldwide are based in the country, as are three of the company's eight offices.
The new 42,900 sq. ft. (3,985 sq. meters) software development and hedge fund administrative support facility can seat an additional 650 employees, and increases total GlobeOp office space in Mumbai to 96,010 sq. ft. (8,920 sq. meters).
"Our India team and operations have played a key role in GlobeOp's growth to-date and are a central element of our long-term strategy and ability to serve customers better," said Hans Hufschmid, GlobeOp chairman and CEO. "We opened our first GlobeOp facility in Mumbai in 2003 with 20 employees. Since then, we've continuously made significant investments here in people and infrastructure. It is part of our dual strategy of ambitious growth and providing our clients -- through our resources on three continents -- with the flexibility to operate 'virtual' offices and manage funds from anywhere in the world. The steady growth in client demand in terms of volume and diversity of services provided by our India facilities in these past three years reflects positively on the expertise and dedication of our highly skilled, financially experienced professionals."
Nandini Sankar Piparaiya, chief operating officer and president of GlobeOp's India operations, described the key changes in the Mumbai facilities' role since initially being established in 2003 to provide hedge fund clients with integrated middle- and back-office fund administration and risk reporting services.
"In three years, we have grown to become the largest team in GlobeOp's international network. We have also differentiated ourselves from the more basic back office and business processing companies located in India by playing a key role in GlobeOp's business continuity and product innovation strategy. In addition to being unique in the hedge fund sector in India, our product development and financial services are designed for global hedge funds that rank among the most complex clients in the financial sector. Today approximately 70% of our 200 product development professionals worldwide are based in India. Several of the new portfolio tracking, reconciliation, valuation and performance products GlobeOp is bringing to market by the end of this year have been completely developed and strenuously field-tested here in India."
About GlobeOp Financial Services
GlobeOp(r) is a leading, independent financial technology specialist providing automated, integrated middle- and back-office, administration and risk reporting services to hedge funds and asset management firms -- including banks, insurance companies, pension funds and proprietary traders. Clients trading a wide range of asset classes and derivatives outsource to GlobeOp for access to seamless, reliable Web-based accounting and valuation, processing and settlement services, investor relations, shareholder records and reporting. Partnering with GlobeOp reduces technology investments and operational risks, and focuses client resources on asset generation and portfolio management. GlobeOp's innovative, robust yet flexible technology is available either as a complete solution or can be tailored to specific customer requirements. Established in 2000, GlobeOp today serves a growing base of diverse international clients with more than $110 billion in assets under management. Headquartered in London and New York, GlobeOp employs 1,500 people on three continents; offices are also located in George Town, Cayman Islands; Harrison, NY and Hartford, CT, U.S.A.; and Mumbai (Bombay), India. www.globeop.com
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Statements in this news release may constitute "forward-looking statements." Such forward-looking statements may include, without limitation, statements about future performance, growth and strategy. Forward-looking statements are based on current expectations and assumptions and inherently involve risk and uncertainties. Accordingly, actual results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, competition, loss of clients or a reduction in business received from clients, failure to retain key management and employees, success of new services, reputational harm, natural disasters, disruption of crucial computer and communications systems, regulation, pending, threatened or future legal proceedings, general economic conditions and other factors, including those impacting the hedge fund industry generally, such as changes in the market environment, decreased growth rates and industry consolidation. GlobeOp disclaims any intent or obligation to update any forward-looking statements.
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