LaCrosse Global Fund Services announced Monday it has agreed to buy Bank of America Merrill Lynch’s global alternative fund administration business.
The price of the deal, which is expected to close later this year, was not disclosed. When the deal is completed, LaCrosse would have more than $21 billion in assets under administration and more than 250 employees.
Bank of America Merrill Lynch [BAC] would continues to provide a range of services to hedge fund clients, including prime brokerage, custody, trust, escrow, cash management and agency services.
LaCrosse, which is based in New York, provides operations, middle-office and administration services to managers of complex hedge funds globally. It has offices in Bogotá, Buenos Aires, Caracas, Istanbul, London, Minneapolis, Moscow, New York and Singapore. It provides a range of strategies traded by global portfolio managers covering fixed income, distressed debt, structured credit, foreign exchange, equities, commodities and a full range of related derivatives.