LONDON, March 28, 2006 (PRIMEZONE) -- GlobeOp Financial Services (GFS(SM) or GlobeOp(R)), a provider of fund administration and related support services for hedge funds, fund of funds, and high net worth family wealth offices, announced today an agreement with Instinet, a global agency-broker, aimed at significantly streamlining international equities trading for GlobeOp's hedge fund clients.
With the alliance, GlobeOp's new GoMarkets(SM) electronic trading connectivity platform will link directly to Instinet's Newport(R) (see Note) global portfolio trading front-end. As a result, GlobeOp's clients can tap more than 40 international markets, as well as Instinet's full suite of domestic and international algorithms, proprietary upstairs liquidity and pure agency sales trading desks around the world. Similarly, through connectivity via GoMarkets, Instinet gains access to GlobeOp's large and diverse hedge fund client base.
"Making Instinet's Newport platform available via GoMarkets is the next step in providing our clients with Straight Through Processing (STP) of electronic execution in an increasing range of asset classes," said Hans Hufschmid, Chairman and Chief Executive Officer of GlobeOp. "The agreement significantly augments GlobeOp's offering to our equity trading client base, given the breadth of markets users can access through Instinet."
Tony Mackay, President and Managing Director, Instinet Europe, added: "Instinet is pleased to align with GlobeOp, and we are confident that its hedge fund customers will benefit from our deep global equities trading expertise and Newport's superior technology."
About Instinet
Instinet, a global agency-broker, provides the trading expertise and advanced technology necessary to successfully interact with more than 40 worldwide securities markets. Acting solely as an agent for its customers, which include international mutual funds, insurance companies, pension funds and hedge funds, Instinet seeks to improve institutional investment performance and lower overall trading costs through its various front end trading systems, securities crossing networks, algorithms and investment research products. The company, which is majority owned by Silver Lake Partners, is headquartered in New York and maintains offices in North America, Europe and the Asia Pacific region. For more information, please visit www.instinet.com.
Note: Patent Pending
About GlobeOp
GlobeOp Financial Services specializes in middle- and back-office support services and fund administration for hedge funds, funds of hedge funds, asset managers and high net worth family wealth managers. GFS provides independent services essential to the successful operation of private investment entities with activities ranging across a wide spectrum of traded instruments. The firm's GlobeOp Risk subsidiary provides independent risk reporting and quantification to investors, creditors and managers. Company expertise is drawn from the senior levels of international banking and fund management and encompasses a wide range of relevant experience. More information about GFS can be found at www.globeop.com.
Statements made in connection with this news release that are not historical fact, such as forward-looking statements concerning future performance and growth, involve risk and uncertainties and are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Although GFS believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, such as competition, loss of clients or a reduction in business received from clients, failure to retain key management and employees, success of new services, reputational harm, disruption of crucial computer and communications systems, regulation, pending, threatened or future legal proceedings, general economic conditions and other factors, including those impacting the hedge fund industry generally, such as changes in the market environment, decreased growth rates and industry consolidation, could cause actual results to differ materially from GFS' expectations. Any forward-looking statements represent the best judgment of GFS as of the date of this release. GFS disclaims any intent or obligation to update any forward-looking statements.
GlobeOp, GFS, www.globeop.com, and GlobeOp's "G" logo are trade and service marks of GlobeOp Financial Services and are used throughout the world. The GlobeOp service mark is registered in the United States and the European Union; the GFS trade and service mark is registered in the European Union; GlobeOp's "G" logo is registered in the European Union. In addition, all other content, trademarks, service marks, trade names, logos, and icons are proprietary to GlobeOp Financial Services, SA or its affiliates, licensors or agents. Nothing contained in this news release or on GlobeOp's Web site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trade or service mark displayed in this news release or on GlobeOp's Web site without the written permission of GlobeOp Financial Services. Use of the trade and/or service marks displayed in this news release or on GlobeOp's Web site, or any other content found in this news release or found on GlobeOp's Web site, except as provided herein, is strictly prohibited. All other products or company names herein may be trade and/or service marks of their respective owners.
GlobeOp Markets Ltd is an introducer appointed representative of Instinet, which is registered and authorized by the Financial Services Authority. The information contained on this press release is communicated (approved for distribution) by Instinet to persons who are market counterparties or large intermediate customers deemed market counterparties (as detailed in the rules of the Financial Services Authority) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers.