GlobeOp Financial Services, a provider of business process outsourcing, financial technology services and analytics to hedge funds and other sectors of the financial services industry, saw its assets under administration increase by ten per cent in the first half of 2010 to USD120bn.
Assets under administration have increased by 43 per cent since 30 June 2009.
Revenues grew 13 per cent to USD89.4m versus USD79.2m in the first half of 2009.
GlobeOp’s adjusted operating profit rose by 60 per cent to USD25.4m at 30 June 2010.
The adjusted operating profit margin expanded to 28.4 per cent of revenues versus 20.0 per cent in the first half of 2009.
The company had cash of USD60.2m as at 30 June 2010 compared to USD53.6m as at 30 June 2009.
There has been an increase in the interim dividend to 1.00 pence per share, up 54 per cent versus the first half of 2009.
Hans Hufschmid, chief executive officer, says: "GlobeOp performed very well during the first half of the year. Revenue growth resumed and adjusted operating profit increased 60 per cent compared to the first half of 2009. We also continued to leverage our highly efficient operating model, evidenced by our record level of adjusted operating profit margin of 28.4 per cent and significant cash flow generation.
“Once again we grew our AUA, as markets continue to recover, with subscriptions up 150 per cent to USD20bn and redemptions down almost 50 per cent from the first half of last year. We also added USD5bn of AUA coming from new clients and new funds with existing clients. By the end of June, AUA totalled USD120bn, an increase of 43 per cent in the past year."