Wells Fargo to buy Cargill FA arm 12 September 2011New York Reporter: Anna Reitman
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Wells Fargo has announced an agreement to acquire LaCrosse Global Fund Services, an independently managed hedge fund administration and middle-office service provider, from Cargill.
The Structured Product Services division within Wells Fargo Corporate Trust Services (CTS) is sponsoring the transaction. Upon closing, this acquisition will provide Wells Fargo and CTS with a complete service offering to the hedge fund administration market including traditional services along with operational support, derivatives processing, bank debt processing and cash and collateral management.
“Corporate Trust Services is excited to expand its hedge fund administration business and integrate with LaCrosse’s platform,” said 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.”
Wells Fargo will maintain LaCrosse's operating centers and offices in New York, Minneapolis, London, Dublin, Singapore, Buenos Aires and Jersey (Channel Islands). Current clients of LaCrosse can expect complete continuity of services, as management, service teams and systems will be transferred to and maintained by Wells Fargo.
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