Fund administrator GlobeOp Financial Services has appointed former Chairman of the Cayman Islands Monetary Authority Tim Ridley to the board of its Cayman Islands subsidiary. 

Mr. Ridley, a former senior partner with Maples and Calder will join GlobeOp Cayman’s board following the resignation of Gary Linford.  

“Demand for greater hedge fund transparency and governance is increasing,” said Vernon Barback, GlobeOp president and chief operating officer. “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.” 

Mr. Ridley, who served as CIMA chairman from 2004 to 2008, after having been a board member since 2002, said, “I am pleased to join GlobeOp at a time of significant evolution in hedge fund transparency, reporting, and board oversight and responsibility. As an independent Tier 1 administrator, GlobeOp offers valuable industry leadership. Counterparty risk, asset verification and regulatory reporting services contribute to good fund governance.”  

Mr. Ridley added that he sees his main role as a local director of GlobeOp Cayman as assisting the company in growing its business, adding value to its performance and enhancing its governance generally. 

He is a frequent speaker and writer on financial services and regulatory themes and has also served as an editorial board member for several leading industry and legal publications, including the Cayman Financial Review. He currently serves as a director of various private companies, GlobeOp said in a news statement. 

The London Stock Exchange-listed firm, which administers more than 1,775 funds and has $173 billion assets under administration, is the subject of a bidding war between two suitors seeking to buy the financial services firm.  

Private equity firm TGP has made a £508 million bid for the fund administrator, but US-based fund administrator SS&C Technologies Holdings said on Monday it is considering its options, including a possible cash offer for the company, and urged GlobeOp’s shareholders not to accept TGP’s offer.