Financial software provider SS&C Technologies Holdings Inc is eyeing GlobeOp Financial Services SA and has urged the hedge fund administrator's shareholders not to accept a 508 million pound takeover by TPG Capital .

GlobeOp's management said on Wednesday it would recommend TPG's cash offer to its shareholders, the first step in the U.S. buyout group's effort to build a presence in the business of servicing the $2 trillion hedge fund industry.

But in a statement on Sunday, Windsor, Connecticut-based SS&C said it had been conducting due diligence on GlobeOp since January 14 with the approval of GlobeOp's independent directors, and said shareholders should wait for its next move.

SS&C continues to consider its options in respect of GlobeOp, including a possible cash offer for the company and urges GlobeOp shareholders to take no action at this time, SS&C said in the statement.

There can be no certainty that an offer will be made by SS&C or that a transaction will happen and a further announcement will be made at the appropriate time, it added.

Shareholders including Aberforth Partners and Standard Life Investments have already indicated they will accept TPG's offer, meaning that close to 44 percent of GlobeOp's investor base is backing that deal.

More than 5,000 financial services organizations, collectively managing over $16 trillion in assets, use SS&C's products and services, according to the company.

(Reporting by Greg Roumeliotis in New York; Editing by Tim Dobbyn)