* SS&C proposes 485p offer, no certainty offer will be made
* Would value GlobeOp at 566 mln stg, trump TPG's 435p offer
* Shares up 6.6 pct to 488 pence
* Hedge fund firm Cheyne profits as share price rises
By Laurence Fletcher and Simon Meads
LONDON, March 8 (Reuters) - U.S. financial software provider SS&C Technologies has proposed making a 485 pence-a-share cash offer for hedge fund administrator GlobeOp , in a move that would trump an agreed bid from rival suitor TPG.
SS&C's proposal, which GlobeOp's independent directors have said they would be willing to recommend, is well above the 435 pence cash offer made by U.S. buyout firm TPG and agreed last month, and values the company at about 566 million pounds ($889 million).
GlobeOp shares were 6.6 percent higher at 488 pence at 1150 GMT, suggesting shareholders expect TPG to return with a higher bid.
In a separate statement TPG, which is trying to build a presence in the business of servicing the $2 trillion hedge fund industry, said it "urges GlobeOp shareholders to take no action".
"The question now is whether TPG will raise its offer, which we saw as the bare minimum," said Oriel analyst Keith Baird in a note.
"In our view there is potential for a better offer as we think that GlobeOp's value is likely to rise over time as assets under administration expand. But equally it is not a given."
SS&C said on Thursday that there was no certainty that an offer would be made.
GlobeOp, which administers $173 billion in client assets, kicked off a strategic review in January to try and boost its share price.
Last month Connecticut-based SS&C, more than one third owned by U.S. private equity firm Carlyle Group, said it had begun due diligence on GlobeOp on Jan. 14 and urged shareholders to wait for its next move.
The move is good news for hedge fund Cheyne Capital, whose funds have been building a stake in GlobeOp and now own 3.98 percent.
TPG, together with GlobeOp's management, owns 27 percent of the company.
$1 = 0.6367 British pounds Additional reporting by Tommy Wilkes; Editing by Mark Potter