NEW YORK and LONDON, Feb. 26, 2004 (PRIMEZONE) -- GlobeOp Financial Services (GFS), a leading provider of fund administration and related support services for hedge funds, fund of funds and high net worth family wealth offices, today announced that Vernon Barback will join the company as President and Chief Operating Officer effective March 1, 2004.
Barback, 47, brings to GlobeOp more than 25 years of experience in the capital markets, most recently as Global Head of Operations and Technology for Citigroup Asset Management.
"Vernon's outstanding background in global operations management, business development and technology skills enhances our management team and underscores GlobeOp's commitment to our clients as we continue to expand our business," said Hans Hufschmid, Chairman and Chief Executive Officer. "This addition reflects our focus on providing solutions to the hedge fund industry in a fast-paced environment of technological, structural and regulatory change."
In his four years at Citigroup Asset Management, Barback developed and implemented strategies to increase assets under management, improve operations, rollout new products, advance technology, and serve customers. After September 11, 2001, he led the disaster recovery at the principal recovery site when the operation's head office at the World Trade Center was destroyed. Earlier, he served as Head of European Operations for Citigroup Asset Management.
Prior to Citigroup, Barback capped a 22-year career at Bankers Trust/Deutsche Bank as Head of Operations, Europe, where he oversaw the successful Euro conversion and co-headed global integration during the acquisition by Deutsche Bank. Previous positions at Bankers Trust included leading complex acquisition and operations integrations, leading the investment management fixed income division, serving as president of Japan Bankers Trust, and developing the firm's first hedge funds business.
Barback holds Bachelor of Arts and Master of Arts degrees in economics from Cambridge University, England.
About GlobeOp
GlobeOp Financial Services specializes in state-of-the-art middle- and back-office support services and fund administration for hedge funds, fund 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 GlobeOp Financial Services can be found at www.globeop.com.
Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995
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. Any forward-looking statements represent the best judgment of GlobeOp Financial Services as of the date of this release. GlobeOp Financial Services disclaims any intent or obligation to update any forward-looking statements.