LaCrosse Global Fund Services has agreed to acquire Bank of America Merrill Lynch's global alternative fund administration business. Once the acquisition is complete, LaCrosse will have more than $21 billion in assets under administration and more than 250 employees.
Bank of America Merrill Lynch will continue to provide a range of other services to hedge fund clients, including prime brokerage, custody, trust, escrow, cash management and agency services.
“Our company offers the most complete set of administration, operations and middle-office services in the industry,” said Stuart Feffer, co-chief executive officer of LaCrosse Global Fund Services. “In addition to bringing strong client relationships and a great team, this acquisition adds to our support capabilities for fund of funds and onshore European vehicles, including UCITS.”
Christopher Kundro, co-chief executive officer of LaCrosse Global Fund Services, added, “We look forward to continuing to support a wide range of strategies run by global portfolio managers, covering fixed income, distressed debt, structured credit, equities, currencies, commodities and a full range of related derivatives."
Terms of the deal, which is subject to regulatory approval, were not disclosed.