GlobeOp expands Mumbai base

10 October 2006

Mumbai: GlobeOp Financial Services (GFS), the largest hedge fund administrator in India, inaugurated its third office in Mumbai today to cater to a growing client base and increased demand for new hedge fund support services and products.

GFS is a leading independent financial technology specialist, providing automated, integrated middle- and back-office administration and risk reporting services to hedge funds and asset management firms, including banks, insurance companies, pension funds and proprietary traders.

More than 900 of the company's 1,500 employees worldwide are based in India, as are three of its eight offices.

"Our India team and operations have played a key role in GlobeOp's growth to-date and are a central element of our long-term strategy and ability to serve customers better," said Hans Hufschmid, chairman and CEO of the firm. "We opened our first GlobeOp facility in Mumbai in 2003 with 20 employees. Since then, we've continuously made significant investments here in people and infrastructure."

He said it was part of the company's dual strategy "of ambitious growth and providing our clients - through our resources on three continents - with the flexibility to operate 'virtual' offices and manage funds from anywhere in the world. The steady growth in client demand in terms of volume and diversity of services provided by our India facilities in these past three years reflects positively on the expertise and dedication of our highly skilled, financially experienced professionals."

The new 42,900-sq. ft. software development and hedge fund administrative support facility can seat an additional 650 employees, and increases total GlobeOp office space in Mumbai to almost 100,000 sq ft.