GlobeOp taps Ridley for board 07 February 2012Grand Cayman Reporter: Anna Reitman
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GlobeOp has appointed Tim Ridley to its Cayman Islands subsidiary board. Ridley, the former chairman of the Cayman Island Monetary Authority (CIMA) and a former senior partner of Maples and Calder, was appointed following the recent resignation of Gary Linford.
“I am pleased to join GlobeOp at a time of significant evolution in hedge fund transparency, reporting, and board oversight and responsibility,” said Tim Ridley. “As an independent Tier 1 administrator, GlobeOp offers valuable industry leadership. Counterparty risk, asset verification and regulatory reporting services contribute to good fund governance.”
Ridley served as CIMA chairman from 2004-2008, having been a member since 2002. He is a frequent speaker and writer on financial services and regulatory themes. Ridley has also served as an editorial board member for several leading industry and legal publications. He currently serves as a director of various private companies.
“Demand for greater hedge fund transparency and governance is increasing,” said Vernon Barback, GlobeOp president and COO. “Tim Ridley’s legal, financial and regulatory expertise will be a benefit to GlobeOp and its clients. We look forward to his contributions as we focus on independent valuation, regulatory and board reporting. I would also like to thank Gary Linford for his contributions to GlobeOp - particularly related to Cayman regulatory updates - since his appointment to the board in 2008.”
The announcement comes as private equity firm, TPG Capital, agreed to buy GlobeOp for £508 million. Though GlobeOp management has urged shareholders to approve the sale, the Financial Times reports that rival hedge fund administrator SS&C Technologies is setting the stage for a bidding battle.
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