Press Releases - 2009
Sothic Capital Management selects GlobeOp to support distressed strategy fund
28 Oct 2009
NEW YORK, LONDON – 28 OCTOBER 2009 – London-based investment manager Sothic Capital Management LLP (Sothic), has selected GlobeOp Financial Services to provide middle- and back-office and fund administration services for its newly launched Sothic Capital European Opportunities Fund. The fund launched in September 2009 with $83 million in assets under management (AuM), which have since grown to more than $105 million. GlobeOp will provide full post-trade support, including the processing of bank debt trades.
Domiciled in the Cayman Islands, the Sothic Capital European Opportunities Fund, focuses on European distressed situations and is open to new investors. Sothic Capital Management was established late in 2008 by the investment management team formerly responsible for the distressed investment strategy at JP Morgan’s Proprietary Positioning Business.
“High levels of leveraged buyout and loan activity by private equity firms in the past few years left a significant number of European companies vulnerable to the financial crisis,” said GJ Koomen, CIO of Sothic Capital Management. “This creates a source of opportunity on an unprecedented scale for distressed situations specialists with the relevant experience in the widely diverse European distressed markets.”
Didier Martineau, Sothic CEO added, “In launching our European Opportunities Fund, we wanted to demonstrate best practice processes and operational risk management from the front-office to the back. GlobeOp is an integral part of that effort with its processing capabilities for the complex debt instruments we trade and the scalability to support our anticipated growth.”
GlobeOp is providing Sothic with daily trade data acquisition and processing, independent valuation and reconciliation, and investor communications.
“We are pleased to have been selected by Sothic to support the launch of its European Opportunities Fund from inception,” said Vernon Barback, president and COO of GlobeOp. “Our continuous technology investment means we can offer clients scale and instrument coverage that most funds could not achieve on their own. Our bank debt trade processing expertise enables us to support Sothic with streamlined and fully integrated straight-through processing (STP) through the post-trade lifecycle, enabling its investment managers to focus on research, execution and alpha generation.”
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Notes to Editors
About GlobeOp Financial Services
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 serves over
180 clients worldwide, representing $100 billion in assets under
administration (AuA).With headquarters in London and New York,
GlobeOp employs more than 1,500 people on three continents; offices
are also located in Dublin, Ireland; George Town, Cayman Islands;
Harrison and Yorktown Heights, NY and Hartford, CT, U.S.A.; and
Mumbai (Bombay), India. Further information:
www.globeop.com
About Sothic Capital Management
Sothic Capital Management LLP (“Sothic”) is a
London-based investment manager specializing in distressed
situation investment. Its chief investment officer, Gertjan Koomen,
has specialized in distressed European securities investment for
the past 15 years. The firm manages Sothic Capital European
Opportunities Fund which was launched in September 2009 with $83m
and has AUM currently in excess of $105m. Further contact details:
www.sothic-capital.com
© 2009 - 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
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Metia
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Amy Kester
Metia
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