Wednesday, 31 August 2016
Last updated 18 hours ago
Sep 11 2012 | 12:25pm ET
Wells Fargo & Co. has brought its newly-acquired hedge fund administration business fully into the fold, renaming it for itself.
The bank said that LaCrosse Fund Services, which it bought from Cargill late last year, will now be known as Wells Fargo Global Fund Services. The unit has more than $25 billion in assets under administration and offices in New York, Minneapolis, London, Dublin, Ireland, the Channel Island of Jersey, Singapore and Hong Kong.
“Since Wells Fargo acquired LaCrosse Global Fund Services last year, we have continued to expand our business and integrate with its global platform,” Stuart Feffer, co-head of the unit, said. “The new Wells Fargo Global Fund Services branding represents an opportunity to leverage Wells Fargo’s market reputation with our experience and expertise.”
“Our new name reflects Wells Fargo’s commitment to supporting our suite of hedge fund and private equity industry offerings,” Christopher Kundro, WFGFS's other co-head, added. “In addition, our clients are now able to leverage Wells Fargo's many other offerings for alternative investment managers.”
Wells Fargo paid an undisclosed sum for LaCrosse, which itself bought Bank of America Merrill Lynch's administration business in 2010.