Deutsche Bank has acquired HegeWorks, a California-based provider of hedge fund administration services. Financial terms of the deal were not disclosed.
HedgeWorks, which also has offices in Boston and the Cayman Islands, services over 100 hedge funds, including single-manager funds and fund of hedge funds. Deutsche Bank says HedgeWorks currently has more than $10 billion in assets under administration.
The firm provides hedge funds with administrative services including investor services, fund accounting, net asset value calculation and customised Web reporting.
Deutsche Bank says the acquisition will strengthen its existing alternative asset administration capabilities.
"HedgeWorks is a strong fit with our business," says F Jim Della Sala, head of structured finance services at Deutsche Bank. "It complements our core strengths of providing high-quality third-party administrative services to the financial community, and the acquisition enables us to further strengthen our service offering to the hedge fund industry."