The Bank of New York Mellon is making waves in the fund of hedge funds universe with its latest acquisition.
The firm, which boasts more than $200 billion in hedge fund assets under administration, has acquired the fund of hedge funds administrative services business of LAMP Technologies, a Dallas-based alternative investment administrator, for an undisclosed amount.
Formed in 1997, LAMP Technologies specializes in servicing alternative investment vehicles.
“By becoming part of The Bank of New York Mellon, clients will now have a single, comprehensive source for their complex and evolving investment servicing needs,” said Aladin Abughazaleh, CEO of LAMP. “Fund of hedge funds managers will greatly benefit from the extensive range of services they’ll be able to access on an integrated basis, including a market-leading web-based reporting tool for fund assets which will provide the level of transparency that our clients need.”