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Deutsche Bank has announced the acquisition of HedgeWorks, a Carlsbad, California-based hedge fund administrator with more than USD10bn in assets under administration.

HedgeWorks provides independent administrative services to hedge funds, including investor services, fund accounting, net asset value calculation and customised web reporting to managers and investors. It currently services over 100 hedge funds, including both single-manager funds and funds of hedge funds, and has staff based in Boston and the Cayman Islands.

'HedgeWorks is a strong fit with our business,' says Jim Della Sala, head of structured finance services in the trust and securities services business, part of Deutsche's global transaction banking division.

'It complements our core strengths of providing high-quality third-party administrative services to the financial community, and the acquisition enables us to further strengthen our service offering to the hedge fund industry, where Deutsche Bank already has strong relationships. We welcome HedgeWorks' employees and clients, and we are confident that we will continue to provide the high-quality service that its clients have enjoyed to date.'

Christopher P. Nero, founder and chief executive of HedgeWorks, says: 'We believe Deutsche Bank's brand and international reach, together with HedgeWorks' service proposition, will further enhance our client service and propel the business globally.'

Deutsche says the acquisition will help to further develop its existing alternative asset administration capabilities. It currently offers administrative services to alternative asset managers from its offices in the Cayman Islands, Delaware, the Channel Islands, Ireland, Luxembourg and Mauritius.

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