Press Releases - 2007

Pre-close trading update

18 Dec 2007

GlobeOp Financial Services S.A. ("GlobeOp" or "the Company"), a leading independent provider of business process outsourcing, financial technology services and analytics to the hedge fund industry and other targeted sectors of the financial services industry, today issued a pre-close trading update relating to the financial year ending 31 December 2007.

Trading performance has remained strong and the Company has continued to perform well in the second half of the year. Highlights include:

  • More than US$9 billion of AuA1 from new clients was added during the five-month period ending 30 November 2007
  • Total AuA increased to US$94 billion at 30 November 20072, up 11% since 30 June and 24% to date in 2007
  • Headcount grew 4% during the same five-month period, ending at 1,678 as at 30 November 2007
  • Settlement of previously disclosed client service dispute
  • Completion of SAS 70 Type II examination
  • Launch of integrated UCITS III OTC and risk services package
  • Launch of Merrill Middle Office Solution powered by GlobeOp

Hans Hufschmid, Chief Executive Officer, said:

"We are very pleased with the progress we have made during the year. Despite the continued market turbulence we believe that full year growth in revenues and adjusted operating profit will be in line with expectations, which reinforces the robust and integral nature of our business model.

We believe 2008 will bring to the industry an intensified focus on fund infrastructure as well as increased demand for OTC processing support as European mutual funds and US 130/30 funds ramp up volume alongside that of hedge funds and pension funds. The summer turbulence also highlighted the need for independence, transparency and speed in OTC valuation. These are areas of strength for GlobeOp and we are committed to helping our clients successfully address the heightened challenges ahead."

Notes:

1. Assets under Administration
2. Consistent with past disclosure the performance of clients' funds for the current month is not included in the measurement of AuA at the end of that month. Thus, November 2007 client fund performance is not within the 30 November 2007 figure.

Enquiries

GlobeOp Financial Services
Martin Veilleux, Chief Financial Officer
(US) +1 646-827-2000

Brunswick Group
Gill Ackers / Leonora Pou
+44 (0)20 7404 5959

Notes to Editors - About GlobeOp

GlobeOp Financial Services (R) (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 ($94) 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

Important notice

Certain statements in this pre-close trading update are forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by those statements. Forward looking statements regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future. Accordingly, undue reliance should not be placed on forward looking statements.

This information is provided by RNS.
The company news service from the London Stock Exchange.