LaCrosse Global Fund Services has agreed to acquire the global alternative fund administration business of Bank of America Merrill Lynch, subject to regulatory approval.
Terms of the deal were not disclosed.
Once the acquisition is complete, LaCrosse will have more than USD21bn in assets under administration and more than 250 employees.
Bank of America Merrill Lynch continues to provide a range of other services to hedge fund clients, including prime brokerage, custody, trust, escrow, cash management and agency services.
“Our company offers the most complete set of administration, operations and middle-office services in the industry,” says Stuart Feffer, LaCrosse Global Fund Services co-chief executive officer. “In addition to bringing strong client relationships and a great team, this acquisition adds to our support capabilities for fund of funds and onshore European vehicles, including Ucits.”
The transaction is subject to regulatory approval in various jurisdictions and other customary closing conditions.
