Tuesday, 31 May 2016
Last updated 3 days ago
Sep 6 2011 | 11:09am ET
Wells Fargo & Company will buy hedge fund administrator LaCrosse Global Fund Services from Cargill for an undisclosed amount.
The acquisition, which requires regulatory approval in several jurisdictions, is being sponsored by the structured product services division within Wells Fargo Corporate Trust Services. Once completed, the deal will allow Wells Fargo CTS to offer complete hedge fund administration services, including operational support, derivatives processing, bank debt processing and cash/collateral management.
“Corporate Trust Services is excited to expand its hedge fund administration business and integrate with LaCrosse's platform," said Brian Bartlett, head of CTS at Wells Fargo. "CTS and LaCrosse have very similar cultures based on controlled growth, service excellence, back office competence, and employee/team loyalty."
LaCrosse management, service teams and systems will be transferred to and maintained by Wells Fargo. Following completion of the acquisition, LaCrosse clients will also be able to make use of the full range of services offered by Wells Fargo, including custody, cash management, trust, paying agent, and other related banking services.
Barclays Capital served as an advisor to Cargill in this transaction.
Wells Fargo CTS provides trustee and agency services to institutional and corporate clients from offices in Columbia MD, Minneapolis, Houston, New York and London.