Wells Fargo & Company has completed its previously announced acquisition of LaCrosse Global Fund Services (LaCrosse), an independently managed hedge fund administration and middle-office service provider, from Cargill.
This acquisition provides Wells Fargo’s Corporate Trust Services division with a complete service offering to the hedge fund and alternative investments markets. LaCrosse’s robust platform and technology offers traditional fund administration services as well as operational support, derivatives processing, bank debt processing and cash/collateral management.
Wells Fargo will maintain the LaCrosse name as well as its global footprint with operating centers and offices in New York, Minneapolis, London, Dublin, Singapore and Jersey (Channel Islands). LaCrosse clients can expect complete continuity of services. With the completion of the acquisition, LaCrosse clients will also be able to make use of the full range of services offered by Wells Fargo, including custody, cash management, trust, paying agent and other related banking services.
“The strength of Wells Fargo’s market reputation and existing services combined with LaCrosse’s industry experience and full-service platform forms a compelling offering to the hedge fund industry,” says Doc Walther, head of Structured Product Services in Wells Fargo’s Corporate Trust Services division. “We are pleased to have completed this merger and welcome the LaCrosse team to Wells Fargo.”
The Corporate Trust Services division of Wells Fargo is a leader in providing trustee and agency services to institutional and corporate clients. Its Structured Product Services group ranked #1 for residential and commercial mortgage securities, asset-backed securities, high-yield debt trustee, single/multi-family housing bond trustee, among others, in 2010. The group has offices in Columbia, MD; Minneapolis, MN; Houston, TX; New York, NY; and London, UK.