Press Releases - 2001
Man to use GlobeOp Risk and Data Services
Nov 2001
London and New York – November 28, 2001 – GlobeOp Financial Services today announced that Man Investment products, one of the leading providers of alternative investment funds, has selected GlobeOp to provide risk and data aggregation services in relation to certain of its securities fund products.
GlobeOp will collect and reconcile data to provide independent daily performance estimates for risk management purposes for a number of Man’s hedge fund products. GlobeOp Risk, the firm’s independent risk assessment and reporting service, will also provide high-level, state-of-the-art risk analytics in accordance with Man’s risk calculation metrics.
“We are pleased that Man has chosen GlobeOp’s turnkey solutions for certain of its hedge fund risk requirements,” said Hans Hufschmid, GlobeOp’s principal and chief executive officer. “GlobeOp Risk provides highly customized risk analytics and services that are becoming increasingly important to the hedge fund industry as the complexity of hedge fund investing grows. GlobeOp will offer Man the ability to build strategy-specific analytics using models that relax the traditional lognormal distribution assumptions that have constrained risk models in the past.”
Mike Lozowski, Director of Investment Management at Man Investment products, added: “With more than US$8.5 billion under management, Man clearly weighed every aspect of outsourcing these requirements for our securities funds, and we found GlobeOp’s experience, systems and technology a worthy match for the high standards of value and quality we set.”
Man Group plc, the parent company of Man Investment products, is a leading global provider of alternative investment funds as well as one of the world’s largest futures brokers. The Group employs over 1,500 people in 11 countries, with key centers in London, Switzerland, New York, Chicago and Singapore. Man Group plc was listed on the London Stock Exchange (EMG) in 1994 and became a member of the FTSE 100 index on 24 September 2001.
GlobeOp Financial Services (www.globeop.com) specializes in turnkey, state-of-the-art middle- and back-office support services and fund administration for hedge funds, fund managers and high net worth family wealth managers. Headquartered in New York and London, GlobeOp provides independent services essential to the successful launch and operation of private investment entities with activities ranging across a wide spectrum of traded instruments. The firm’s GlobeOp Risk subsidiary provides independent risk analysis and quantification to investors, creditors and managers. Company expertise is drawn from the senior levels of international banking and fund management and encompasses a wide range of relevant experience.