I-Bank Buys Administrator Hedge Fund Solutions

May 23 2013 | 11:10am ET

Boutique investment bank North Street Group is getting into the hedge fund administration business with the acquisition of Hedge Fund Solutions.

North Street said it had acquired the New York-based administrator and renamed it North Street Global Fund Services. Terms of the deal were not disclosed.

"The strategic acquisition of Hedge Fund Solutions, LLC allows North Street to enter the alternative asset management space and expand its service offerings," North Street's Alex Mascioli said.

HFS' Dean Betzios said the deal would allow his firm to "strengthen its infrastructure," while his co-head, Joseph Musto, said "it sets the foundation to allow us to grow alongside the funds we service."

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