GlobeOp Financial Services increased its assets under administration by $13 billion to $187 billion in the first quarter compared with the fourth quarter of 2011, it said in an interim management statement.
The company said it attracted nine new middle- and back-office fund-administration clients with total assets of $5 billion, and there was a $1 billion increase in client assets under administration from the impact of foreign exchange rates on non-US dollar-denominated funds.
Chief financial officer Martin Veilleux said that there is a trend of companies converting from boutique to larger administrators such as itself, and the current success of the hedge fund industry can only benefit administrators.
GlopeOp have recently been in the news due to the fight between private equity firm TPG and US software and services firm SS&C Technologies Holdings to acquire the company.
