GlobeOp Financial Services (“GlobeOp”) (LSE:GO.) announced today that it has been appointed to provide investment management operations outsourcing services for European Credit Management Limited (“ECM”), a specialist asset manager and subsidiary of Wells Fargo & Company (NYSE:WFC) with approximately €12.1 billion (US $15 billion) in assets under management as of May 31, 2010. GlobeOp’s core focus on people, processes and technology were key elements in the selection decision.
GlobeOp, which has completed more than 300 fund conversions to its platform since 2006, will provide ECM with a broad range of investment operations services including trading support, pricing and valuation analysis, financial reporting and net asset value calculations. As a result of this mandate, approximately 40 London-based ECM employees plus some additional temporary staff will be transferred to GlobeOp on July 1, 2010. Integration of the lift out is anticipated to take nine to 12 months.
“In making a selection for an outsourcing partner, we focused on the qualities of strong independent controls and checks and balances around key processes and service,” said Steven Blakey, chief executive officer of ECM. “Furthermore, a good cultural fit with GlobeOp and career opportunities for our employees were essential.”
"Because of GlobeOp’s commitment to robust corporate governance, transparency and operational controls, we are confident in their ability to provide us with the comprehensive services and support necessary to ensure a seamless transition for our clients,” said Tom Hoops, executive vice president of Wells Fargo Asset Management Group.
"ECM and Wells Fargo’s extensive due diligence when considering numerous and diverse solutions demonstrated dedication and responsibility to their clients," said Hans Hufschmid, GlobeOp chief executive officer. “This spoke volumes to us of their commitment to ‘client first’ practices.”
“The lift out solution brings additional front office support experience to GlobeOp and complements our growth strategy,” said Hufschmid. “We welcome our new employees to GlobeOp’s London office.”
