Sat, Mar 7, 2015
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. SkyBridge opens office in Palm Beach County[more]

    Where better for a southern location than South Florida? SkyBridge Capital, which is headquartered in New York, has opened an office in Palm Beach Gardens. Palm Beach Gardens is a "Signature City" in northern Palm Beach County, with a population of around 49,000.

  2. Outlook - Philippe Jordan predicts 'alternative beta' to displace hedge funds, Stan Druckenmiller says Europe, Japan stocks will outpace U.S.[more]

    Philippe Jordan predicts 'alternative beta' to displace hedge funds From Investordaily.com.au: The disappointing performance of hedge funds in recent years is a result of "too much money chasing too little alpha", argues Capital Fund Management. Speaking to InvestorDaily, CFM partner Phi

  3. Patrick McCormack to shut down hedge fund Tiger Consumer[more]

    Komfie Manalo, Opalesque Asia: Patrick McCormack is shutting down his hedge fund Tiger Consumer Management after 15 years "to spend more time with his family," reported Reuters. Tiger Consumer ended February up 4.6% (+3.9% YTD) and assets roughly $1.4bn, reported

  4. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  5. Outlook - 5 reasons why 2015 is looking like a breakout year for alternative investments, Hedge fund manager Dan Loeb predicts disappointment for funds seeking energy distress[more]

    5 reasons why 2015 is looking like a breakout year for alternative investments From Forbes.com: …After a strong 2014, the public markets have been off to a choppy start in 2015. This year, savvy investors may be looking for alpha elsewhere. For many institutions and high-net-worth indivi