Wed, Feb 10, 2016
A A A
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

kb

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. Credit Suisse cherry picks hedge fund ideas[more]

    From FT.com: Credit Suisse Asset Management plans to cherry pick profitable concepts from hedge funds with the launch in Europe of a “best ideas” strategy. The investment arm of the Swiss bank said the strategy will separate it from other funds blighted by “overcrowding problems”. It comes at a time

  2. Investing - Hedge funds bet on risks in U.S. blue-chip debt, Hedge funds bets against bank credit risk paying off, Tiger Global still likes Internet names, gets pointers from Jeter[more]

    Hedge funds bet on risks in U.S. blue-chip debt From WSJ.com: Hedge funds are betting the next bond sector to crack will be the $4.5 trillion market for the safest U.S. corporate debt. New York’s Perry Capital has placed a $1 billion wager against investment-grade bonds issued by 10 comp

  3. Short Selling - Hedge fund manager Kyle Bass is shorting real estate—again, Top US hedge fund has €80m short position in Paddy Power Betfair[more]

    Hedge fund manager Kyle Bass is shorting real estate—again From Fortune.com: He also predicted the mortgage crisis in 2008. Hedge fund manager Kyle Bass, who runs Dallas-based Hayman Capital, tanked the stock of a little-known real estate financier Friday by revealing that he is shorting

  4. Investing - Real estate secondaries sole 'bright spot' in 2015, As hedge funds stumble, one firm prepares to buy illiquid stakes[more]

    Real estate secondaries sole 'bright spot' in 2015 From IPE.com: The secondary market for property was the sole “bright spot” over the course of 2015, as hedge fund secondaries saw deals fall by two-thirds, according to a wide-ranging survey of the market. Setter Capital said 2015 saw th

  5. Opalesque Exclusive: Directors want to be considered trusted partners by new manager[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A hedge fund director provides her perspective on emerging hedge fund managers. She will happily work with those who have set themselves up for future growth, s