Wells Fargo & Company has acquired hedge fund administrator LaCrosse Global Fund Services from Cargill, pending regulatory approval in several jurisdictions.
The Structured Product Services division within Wells Fargo Corporate Trust Services (CTS) is sponsoring the transaction.
A LaCrosse spokesperson said there would be no big changes to the structure of the fund administrator, and co-CEOs Stuart Feffer and Christopher Kundro will remain in their present positions. Wells Fargo says it will maintain LaCrosses operating centers and offices in New York, Minneapolis, London, Dublin, Singapore, Buenos Aires and Jersey (Channel Islands), and service teams and systems will remain the same.
“Wells Fargo is very excited to welcome the co-CEO’s of LaCrosse, Stuart Feffer and Christopher Kundro, along with the rest of their team worldwide, says Doc Walther, head of Structured Product Services at Wells Fargo. This integration provides us with a huge opportunity to leverage our strong corporate trust market reputation with LaCrosse’s experience and expertise, and offers our clients a full suite of hedge fund administration services.”
Wells Fargo and CTS will absorb LaCrosse’s fund administration business as well as its operational support, derivatives processing, bank debt processing and cash/collateral management capabilities.
“Corporate Trust Services is excited to expand its hedge fund administration business and integrate with LaCrosse’s platform,” says Brian Bartlett, head of Corporate Trust Services at Wells Fargo. “CTS and LaCrosse have very similar cultures based on controlled growth, service excellence, back-office competence and employee/team loyalty.”
Following 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.
(CG/CM)