GlobeOp Financial Services (www.globeop.com), a premier risk, operations and administration service provider to the global funds management community, has acquired an extensive sophisticated risk reporting and valuation analytics library (A-Lib) from Suite, LLC (www.suitellc.com), a growing financial technology implementation and integration firm headquartered in New York City. Suite, the owner of a catalogue of financial technology built by JPMorgan and its technology spin-off, Cygnifi, has built its business by offering this market standard, battle-tested technology, which Suite customizes, integrates and supports for its financial services clients.
“We not only sell the software, we sell the source code and have access to the original developers that were involved in creating and supporting the tools. The technology is enhanced as we work with our clients to adapt it to their unique and evolving needs.” comments Gerard Galluscio, a Managing Partner at Suite.
“From our review,” Tom Deegan, COO of GlobeOp notes, “the quality of the code, from an IT perspective, is outstanding. The functionality extends our ability to provide market standard pricing and risk reporting capability to our global client base. We envision Suite’s software meeting the bulk of our client requirements out-of-the-box, as well as being able to evolve with the market because we will have access to the source code.”
GlobeOp (www.globeop.com) is an independent service company specializing in turnkey solutions and support for the middle- and back-offices of hedge funds and other asset managers. Headquartered in New York and London, GlobeOp provides services essential to the successful launch and operation of private investment entities. Market coverage includes equities, fixed-income, over-the-counter, and exchange-traded derivative products; fund administration is also provided. Company expertise is based on staff drawn from the senior levels of international banking as well as experts in fund management, securities custody and clearance, risk and credit control, financial and tax reporting, software development, data management, trading, and fund administration.
Suite’s assets from Cygnifi/JPMorgan include more than 12 systems and tools including a world-class analytic library (with over 500 functions including curve construction and pricing for exotic OTCs), easy-to-use pricing tools, FAS133 hedge paring and hedge effectiveness, credit risk management and collateral management solutions and a tested robust ASP infrastructure, all inexpensively available in both object and source code.