Business Daily from THE HINDU group of publications
Monday, Oct 16, 2006
Markets - Financial Services
Expanding the biz
GlobeOp offers, "integrated middle and back office administration and risk reporting services" to hedge funds operating in various stock markets.
About 70 per cent of the company's 200 product development professionals worldwide are based in India.
Mumbai , Oct. 15
"Our strategy has been to establish a significant part of our global organisation in India," said Mr Hans Hufschmid, Chairman and CEO of GlobeOp Financial Services, the London-based hedge fund administrator, who is planning to list his company in the New York Stock Exchange next year.
The company, which has just opened its third office in Mumbai, will be adding another 600 employees in its Indian operations, he said.
The operations basically a Knowledge Process Outsourcing outfit specialising in hedge fund administration are central to the company's future growth, said Mr Hufschmid.
GlobeOp offers, "integrated middle and back office administration and risk reporting services" to hedge funds operating in various stock markets. The so-called middle office services include confirmation of over-the-counter derivatives trades, reconciliation of trades done across multiple brokers and daily profit and loss reporting.
GlobeOp provides daily trading and settlement data, and monthly NAV details to hedge funds and other clients with more than $110 billion in assets under management.
To cut cost and improve the service to their clients, hedge funds have increasingly been outsourcing the middle-office administration. This is also expected to bring in more transparency into the operations of hedge funds traditionally known for their obscurity.
"We help our clients to focus on trading strategies and risk management. We shoulder the responsibility of the complex administration of hedge funds." .
"We opened our first GlobeOp facility in Mumbai in 2003 with 20 employees. Since then, we have continuously made significant investments in people and infrastructure here. We in India have grown to become the largest team in GlobeOp international network," said Mr Hufschmid.
According to Ms Nandini Sankar Piparaiya, Chief Operating Officer of GlobeOp in India, India is also the product development centre for the company.
Today about 70 per cent of the company's 200 product development professionals worldwide are based in India. Several new products for portfolio tracking, reconciliation of trades and valuation, which GlobeOp would be introducing to the market by end of this year, are being developed and tested in India, she said.
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