HedgeCo.Net (West Palm Beach) – In a fierce race to win over clients, Deutsche Bank of Germany took a major stride with the acquisition of HedgeWorks, LLC. The California based company provides administrative services to over 100 hedge funds that manage about $10 billion in assets.
With branches in 76 countries worldwide, Deutsche Bank is looking to expand its presence in North America. F. Jim Della Sala, head of structured Finance Services for the bank, is hoping that the alignment will help to further their already existing administrative support services for their clients.
"HedgeWorks is a strong fit with our business. 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, where Deutsche Bank already has strong relationships," Della said in a statement yesterday.
Ownership of HedgeWorks will allow the bank to expand their investor services to clients, as well as focus on fund accounting, net asset value calculation and customized web reporting to managers and investors.
Deutsche Bank is the largest bank in Germany, with assets totaling over $61 billion. The purchase price of HedgeWorks was not disclosed.
Julie Scuderi
Contributing Editor for HedgeCo.Net
Email: [email protected]
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com
