Hedge fund services firm GlobeOp Financial Services is in talks with buyout shops Advent International and TPG, Reuters reported Friday. The firm, which has $173 billion in client assets under administration, has been carrying out a strategic review to try and boost its share price, Reuters wrote.
(Reuters) GlobeOp Financial Services is in talks with private equity firms Advent International Corporation and TPG over possible takeover offers, as the hedge fund services firm carries out a strategic review to try and boost its share price.
The London and New York-based firm, which has $173 billion in client assets under administration and which last month said it was encouraged by net inflows, said the talks have come after it appointed Evercore Partners to advise on a review.
The firm has formed an independent committee to conduct discussions as some directors may take part in an offer.
Talks are still at a preliminary stage, GlobeOp added.
Shares in GlobeOp, which publishes monthly updates of client flows and redemption requests, have fallen from more than 440 pence last July to below 300 pence at Thursday’s close.
The company had a market cap of 312 million pounds as at close of trading on Thursday, Thomson Reuters data showed.
“GlobeOp is performing extremely well and we are confident of continuing the strong growth of the business under our current ownership structure,” said GlobeOp chairman Ed Nicoll in a statement.
“Nevertheless, the board felt it right to explore options which could enhance the interests of clients, employees and shareholders.” (By Laurence Fletcher)Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.