Tue, Oct 13, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

LaCrosse Global Fund Services announces acquisition of Bank of America Merrill Lynch global fund administration business

Monday, July 19, 2010
Opalesque Industry Updates – Jumping up to $21bn in assets under administration, global operations, middle office and administration firm LaCrosse Global Fund Services announced its acquisition (subject to regulatory approval) of Bank of America Merrill Lynch global fund administration business on Monday. In addition to a significant increase in assets (prior to the acquisition LaCrosse assets were estimated between $15bn and $16bn), the firm will have 250 employees and will increase its global locations from nine to eleven (adding Jersey and Dublin).

The increased European presence for the firm comes as many hedge fund managers are showing a fast interest in UCITS funds to target European investor assets. "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," LaCrosse's co-chief executive Stuart Feffer said.

2009 saw the merging of 7 administrators, the second highest yearly rate within the industry. So far in 2010 BNY Mellon acquired PNC Global Investing, pushing BNY to the number three spot in terms of assets under administration. Although the rate has slowed significantly in 2010, it is likely that more mergers and acquisitions will be announced in this space before the end of the year.

“We expect M&A activity in the fund administration space to continue 2010 as the established brands continue to solidify their positions and increasingly expand in their reach,” says Daniel Golyanov, Senior Analyst at research firm Carbon360, which publishes the 2010 Fund Administration Factbook.

Full press release available: Source


What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Manager Profile - Pimco alternative funds flourish as 30-year bond rally fades[more]

    From Bloomberg.com: Inside Pacific Investment Management Co., the bond behemoth that lost two chief investment officers last year and saw almost $500 billion of client money leave, a hidden profit engine is easing some of the pain. For more than a decade, Newport Beach, California-based Pimco has qu

  2. Niche Investing - Art investment funds: Attracting institutional and other new investors[more]

    From Mondaq.com: The Deloitte/ArtTactic Art and Finance Report 2014 (the "Art and Finance Report") noted that the "global art investment fund market was estimated to be worth at least $1.26 billion in the first half of 2014." This seems almost inconsequential when juxtaposed with the $54 billion of

  3. Other Voices: Why fund boards must develop a response to cyber security and financial crime threats[more]

    This article was written by Carne, an international specialist in the provision of independent governance services and European management company solutions to the global asset management industry. A recent SEC action has highlighted how concerned regulators have become about data intru

  4. Hedge fund Barnegat survives September’s market selloff[more]

    Komfie Manalo, Opalesque Asia: Bob Treue’s $679 million Barnegat Fund proved resilient after another month of market letdown as the hedge fund gained 2.2% last month, bringing its year-to-date gains to 2.8%. Treue said in his monthly report to i

  5. …And Finally - Japanese men want upgrade on their virtual girlfriends[more]

    From Newsoftheweird.com: Five years after News of the Weird mentioned it, Japan's Love Plus virtual-girlfriend app is more popular than ever, serving a growing segment of the country's lonely males -- those beyond peak marital years and resigned to artificial "relationships." Love Plus models (Rinko