GlobeOp Financial Services, an independent provider of administration services including business process outsourcing, financial technology and analytics to hedge fund and other asset mana

GlobeOp Financial Services, an independent provider of administration services including business process outsourcing, financial technology and analytics to hedge fund and other asset managers, has reported an increase in pre-tax profits from USD12.6m to USD15.1m on revenues up from USD135.1m to USD166m in its preliminary results for 2007.

GlobeOp saw growth of USD14bn in new client assets under administration, a rise of 28 per cent, including USD11bn added in the second half of the year. Revenues increased by 23 per cent for the year, while adjusted operating profit grew as a proportion of revenues  to 23.7 per cent and net cash flow from operations exceeded USD34m.'We performed well against all of our business targets,' says chief executive Hans Hufschmid. 'We exceeded our adjusted operating profit expectations and surpassed our growth forecast. The turbulence in the second half of 2007 heightened the need for independence, transparency and speed in over-the-counter derivatives valuation - all areas of strength for GlobeOp.

'Current volatility may have a negative near-term impact on hedge fund industry growth, but I believe it will also bring new opportunities longer term. Markets remain uncertain, but the fundamental industry dynamics are encouraging.

'Our people, processes and technology platform supports clients during all market conditions. A robust and scalable infrastructure is particularly important during times of market stress, as is the ability to adapt creatively to new opportunities in the market. With these ingredients we are well positioned for the future and we are focused on a successful year in 2008.'

GlobeOp Financial Services provides automated integrated middle- and back-office, fund administration and risk reporting services to clients including hedge fund managers, banks, insurance companies, mutual and pension funds and proprietary traders.

Established in 2000, GlobeOp today serves more than 160 clients worldwide with some USD97bn in assets under management. The company employs more than 1,700 people at its headquarters in London and New York and offices in Dublin, the Cayman Islands, Harrison, New York state, Hartford, Connecticut and Mumbai.