GlobeOp investor switches sides

SS&C’s takeover advances towards GlobeOp Financial Services got a boost yesterday when a prominent shareholder withdrew its support for a rival bid for the hedge fund administrator. Aberforth Partners, which controls around three per cent of GlobeOp stock, said it no longer intended to comply with its letter of intent in favour of TPG’s potential offer. GlobeOp’s independent directors said last week they would be willing to recommend SS&C’s £517m bid if and when it occurs, having previously backed TPG.