GlobeOp to Provide Investment Management Outsourcing for Wells Fargo
GlobeOp Financial Services 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 with approximately €12.1bn (US$15bn) in assets under management as of 31 May 2010.
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 1 July 2010. Integration of the lift out is anticipated to take nine to 12 months.