Back Office & Operations

GlobeOp in big European Credit outsource deal

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GlobeOp Financial Services has been appointed to provide investment management operations outsourcing services for European Credit Management Limited, the specialist London-based credit asset manager owned by Wells Fargo that runs some €12 billion in long-only and hedge fund strategies.

GlobeOp, which says it 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 are being transferred