Press Releases - 2007

GlobeOp Financial Services successfully completes SAS 70 Type II examination

18 Dec 2007

LONDON, UK; NEW YORK, NY, USA – 18 DECEMBER 2007 -- GlobeOp Financial Services ("GlobeOp", LSE:GO.) has successfully completed a SAS 70 Type II examination of specified middle-, back-office and fund administration controls by accounting and auditing firm Ernst & Young LLP.

Included in the scope of the examination were GlobeOp's specified controls that support its transaction processing, position reconciliation, cash receipts and disbursements, investment valuation, month-end process, new fund set-up and investor relations operations procedures. The examination also included specified IT controls in relation to logical and physical security, data transmission, change and problem management, and system back-up and recovery processes.

Statement on Auditing Standards No. 70 (SAS 70) was established by the American Institute of Certified Public Accountants. A SAS 70 report is intended for a service organization's management, its user organizations and the independent auditors of the user organizations. It provides information and an independent assessment of a service organization's specified controls as they relate to processing of transactions in connection with audits of financial statements.

The independent examination evaluated the design of GlobeOp's specified controls as of September 30, 2007, and the operating effectiveness of the specified controls for the period from April 1st to September 30th, 2007.

"The SAS 70 Type ll report is an important document for hedge fund managers and their investors, as well as for auditors of funds operating on our platform," said Vernon Barback, GlobeOp president and chief operating officer. "This milestone reinforces our commitment to delivering the best processes and technology in the business to our clients. As we develop new products and services and provide clients with process transparency, we will continue to assess the scope of future examinations."

GlobeOp completed its Type II examination a year after completing its initial SAS 70 Type I report, which documented the company's controls and related control objectives.

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Notes to Editors — About GlobeOp
GlobeOp Financial Services ® (LSE:GO.) 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, mutual & pension funds and proprietary traders. Clients trading a wide range of asset classes and derivatives outsource to GlobeOp to reduce technology investments and operational risks, and to focus resources on asset generation and portfolio management. Established in 2000, GlobeOp today serves more than 150 clients worldwide, representing $85 billion in assets under management (AuM). With headquarters in London and New York, GlobeOp employs more than 1,600 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. Further information: www.globeop.com

For further information, please contact:
Brunswick Group
London – Gill Ackers, Leonora Pou
Tel +44 (0) 20 7404 5959
GoTeam@brunswickgroup.com

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995
Statements made in connection with this news release that are not historical fact, such as forward looking statements concerning future performance and growth, involve risk and uncertainties and are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Although GlobeOp believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, such as 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, 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, could cause actual results to differ materially from GlobeOp’s expectations. Any forward-looking statements represent the best judgment of GlobeOp as of the date of this release. GlobeOp disclaims any intent or obligation to update any forward-looking statements.

GlobeOp, GFS, www.globeop.com, and GlobeOp’s "G" logo are trade and service marks of GlobeOp Financial Services LLC or its affiliates. In addition, all other content, trademarks, service marks, trade names, logos, and icons are proprietary to GlobeOp Financial Services, SA or its affiliates, licensors or agents. All other products or company names herein may be trade and/or service marks of their respective owners.