Wells Fargo to buy hedge fund administrator
Wells Fargo & Co. said yesterday that it will acquire Cargill Inc.’s LaCrosse Global Fund Services for an undisclosed sum. The move will allow Wells Fargo to expand its offerings to the hedge fund community to include traditional fund administration services, operational support, derivatives processing, bank-debt processing, and cash and collateral management. Wells Fargo will maintain LaCrosse’s current global network of operation centers and offices in New York, Minneapolis, London, Dublin, Singapore, Buenos Aires and in the Channel Islands. LaCrosse will be part of Wells Fargo corporate trust services’ structured products services division. The transaction is subject to regulatory approval in several jurisdictions.