Shares in GlobeOp Financial Services rose more than 6% today after the hedge fund service provider said client fund subscriptions had hit their highest quarterly level in at least three years, suggesting that asset allocators are not being put off by hedge funds' lacklustre performance this year.

GlobeOp, which runs middle- and back-office functions for about 190 hedge fund firms and other asset managers, said subscriptions at funds it works on reached about $11bn in the three months ending September 30, the best it has seen, and that third-quarter redemptions are lower than in the first two quarters of 2010, at around $6bn.