Released: 01/07/2010
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GlobeOp Financial Services S.A.
01 July 2010
GlobeOp selected as operations outsourcing partner for Wells Fargo's
European Credit Management
LONDON, NEW YORK - 1 JULY 2010 - GlobeOp Financial Services ("GlobeOp") (LSE:GO.) announced today that it has been
appointed to provide investment management operations outsourcing services for European Credit Management Limited ("ECM"),
a specialist asset manager and subsidiary of Wells Fargo & Company (NYSE:WFC) with approximately E12.1 billion (US $15
billion) in assets under management as of May 31, 2010. GlobeOp's core focus on people, processes and technology were key
elements in the selection decision.
GlobeOp, which has completed more than 300 fund conversions to its platform since 2006, will provide ECM with a broad range
of investment operations services including trading support, pricing and valuation analysis, financial reporting and net
asset value calculations. As a result of this mandate, approximately 40 London-based ECM employees plus some additional
temporary staff will be transferred to GlobeOp on July 1, 2010. Integration of the lift out is anticipated to take nine to
12 months.
"In making a selection for an outsourcing partner, we focused on the qualities of strong independent controls and checks
and balances around key processes and service," said Steven Blakey, chief executive officer of ECM. "Furthermore, a good
cultural fit with GlobeOp and career opportunities for our employees were essential."
"Because of GlobeOp's commitment to robust corporate governance, transparency and operationalcontrols, we are confident in
their ability to provide us with the comprehensive services and support necessary to ensure a seamless transition for our
clients," said Tom Hoops, executive vice president of Wells Fargo Asset Management Group.
"ECM and Wells Fargo's extensive due diligence when considering numerous and diverse solutionsdemonstrated dedication and
responsibility to their clients," said Hans Hufschmid, GlobeOp chief executive officer. "This spoke volumes to us of their
commitment to 'client first' practices."
"The lift out solution brings additional front office support experience to GlobeOp and complements our growth strategy,"
said Hufschmid. "We welcome our new employees to GlobeOp's London office."
# # #
Notes to Editors
About European Credit Management Limited
Founded in 1999 at the inception of the European Monetary Union and in anticipation of the rapid development of the
Euro-denominated credit markets, ECM has E12.1 billion (US $15 billion) in assets under management, invested in European
corporate bonds, bank capital, European emerging markets, asset-backed securities and leveraged loans. ECM is recognized as
one of the leading managers of European fixed income, winning Global Investor magazine's Award for Investment Excellence in
this category for three consecutive years (2004, 2005 and 2006) and Boutique of the Year 2007. ECM's majority owner is
Wells Fargo & Company, one of the largest financial services companies in the United States. For further information:
http://www.europeancredit.com/
About GlobeOp Financial Services
GlobeOp Financial Services (LSE:GO.) is an independent financial administrator of integrated risk-reporting and middle and
back office services to hedge funds and asset management firms and other sectors of the financial industry. Outsourcing to
GlobeOp helps clients who trade a wide range of asset classes - banks, insurance companies, mutual and pension funds and
proprietary traders - reduce their technology investments and operational risks so they can focus on asset generation and
portfolio management. Established in 2000, GlobeOp provides an innovative scope of services to more than 190 clients
worldwide, representing $121 billion in assets under administration. Headquartered in London and New York, GlobeOp employs
approximately 1,600 people on three continents through its 10 offices in the Cayman Islands, India, Ireland, the UK and
U.S. Further information: www.globeop.com
# 2010 - GlobeOp Financial Services LLC (GlobeOp). All rights reserved. GlobeOp and the GlobeOp "G" are trade and service
marks of GlobeOp and its affiliates.
Media Contacts
GlobeOp Financial Services
Financial media
Gill Ackers, Roberta Governale
+44 (0)20 7404 5959
goteam@brunswickgroup.com
Trade media
Natalie Shamshoum, Metia (UK)
+44 (0)20 3100 3676
Natalie.Shamshoum@metia.com
Sheryl Lee, Metia (US)
+1 917 320 6462
Sheryl.Lee@metia.com
European Credit Management/Wells Fargo
Laura Fay (US)
+1 617 210 3867
lfay@wellsfargo.com
This information is provided by RNS
The company news service from the London Stock Exchange