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 as LaCrosse’s platform and technology performs not only traditional fund administration services, but also operational support, derivatives processing, bank debt processing, and cash/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, in the announcement. “CTS and LaCrosse have very similar cultures based on controlled growth, service excellence, back office competence, and employee/team loyalty.”
Wells Fargo will maintain the global footprint currently offered by LaCrosse, with 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. 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.
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