GlobeOp Financial Services, a leading independent provider of business process outsourcing, financial technology services and analytics to the hedge fund industry has today revealed that trading for the first quarter was strong. Revenues, adjusted operating profit and net income continued to grow.

Assets under Administration (AuA) increased to a record total of $167 billion as at 31 March 2011, a 12% increase from $149 billion at 31 December 2010 and a 46% increase in the past 12 months.

During the first quarter, existing clients added new funds with $11 billion of AuA and new clients brought another $1 billion of assets to GlobeOp. In addition, client subscriptions totalled $11 billion for the quarter versus redemptions of $10 billion. Fund performance added $4 billion to client asset balances and the impact of foreign currency exchange rates on non-US dollar-denominated funds resulted in an additional $1 billion increase in AuA.

Hans Hufschmid, chief executive officer, said, "We are pleased with our growth so far this year. In the first quarter, we added new business with our existing clients as well as with new clients. We also signed a new $1.5 billion MBA client (the Kenmar Group), a conversion to the GlobeOp platform scheduled for the second quarter. Costs remain under control and cash flows continue to be strong (up 54% on the quarter to $26m)".

The Company will make its planned dividend payment relating to 2010 on 26 May 2011, totalling approximately $5.0 million.

As of 14:54 PM London time shares of Globeop Financial Services are falling by -0.92%, to 430p.

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