NEW YORK and LONDON, Nov. 17, 2006 (PRIMEZONE) -- GlobeOp Financial Services, 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, has signed an agreement with J.P. Morgan FCS Corporation to license bank debt processing software to enhance GlobeOp's administrative capabilities for clients trading bank debt.
Through Wall Street Office software, GlobeOp can benefit from complete straight-through processing (STP) and validation for bank debt trades entered through Wall Street Office software, including trade processing and settlement, reconciliation, documentation and loan maintenance.
"This agreement enables GlobeOp to enhance its offering to its clients who are using bank debt as a key element in their portfolio strategies," said Vernon Barback, GlobeOp's president and chief operating officer. "Because bank debt is not standardized, GlobeOp's ability to provide straight-through processing using Wall Street Office software gives our clients an important tool to streamline their operations, improve reporting and enhance the automation of their processes. We also have created an in-house bank loan operations group that takes advantage of GlobeOp's administration expertise in London and New York. The bank loan group works closely with our customer service groups to enhance service to clients with bank debt in their portfolios."
Data from all bank loan activities feeds directly from the Wall Street Office system into the Geneva accounting ledger system, an integration that provides GlobeOp clients with truly automated straight-through processing.
Wall Street Office is a suite of products for the administration, accounting and reporting of bank loans, bonds and other investments. This comprehensive system is designed to facilitate the management of portfolios and structured deals more efficiently and effectively, with functionality tailored to the asset types found in structured deals, as well as compliance reporting specific to each structure. The software, which was developed by J.P. Morgan FCS Corp., is currently used to manage more than $300 billion in assets and provides access to real-time data in more than 150 standard reports.
"This agreement means more hedge funds than ever before will have access to J.P. Morgan FCS' industry-leading software for portfolio management, administration, reporting, and analysis," said Mark Murray, senior vice president of J.P. Morgan FCS Corp.
About J.P. Morgan FCS
Headquartered in Dallas, J.P. Morgan FCS Corp. provides software and services that increase the efficiency and accuracy of trading, tracking and managing more than $300 billion of syndicated bank loans, high yield bonds, and equities. The company operated under the name Financial Computer Software until its acquisition by JPMorgan Chase Bank in November 2003. For more information please visit www.fcsoft.com.
About GlobeOp Financial Services
GlobeOp(r) 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. Clients trading a wide range of asset classes and derivatives outsource to GlobeOp for access to seamless, reliable Web-based accounting and valuation, processing and settlement services, investor relations, shareholder records and reporting. Partnering with GlobeOp reduces technology investments and operational risks, and focuses client resources on asset generation and portfolio management. GlobeOp's innovative, robust yet flexible technology is available either as a complete solution or can be tailored to specific customer requirements. Established in 2000, GlobeOp today serves a growing base of diverse international clients with more than $110 billion in assets under management. Headquartered in London and New York, GlobeOp employs 1,500 people on three continents; offices are also located in George Town, Cayman Islands; Harrison, NY and Hartford, CT, U.S.A.; and Mumbai (Bombay), India. www.globeop.com
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