GlobeOp Financial Services ("GlobeOp") (LSE:GO.) announces it has entered into exclusive negotiations to provide front office support, and middle- and back-office services to the management company of a specialist asset manager with over $15 billion in AUM, and to implement a lift-out of the management company’s current in-house support infrastructure. The mandate, a strategic addition to GlobeOp’s service offering, does not include fund administration.
The agreement is expected to become effective in Summer 2010, at which time approximately 50 employees will transfer from the management company to GlobeOp’s employment.
Fees for this lift-out are commensurate with the size and the scope of the services to be provided. Integration of the lift-out is anticipated to take 9 to 12 months and the mandate is not projected to make a profit contribution until after integration is complete.
Further details of the agreement will be provided upon completion.
