Deutsche Bank AG has acquired the Carlsbad, Calif., hedge fund administrator HedgeWorks LLC.
The Frankfurt company announced the acquisition Friday but did not say how much it paid for HedgeWorks, which has more than $10 billion of assets under administration.
The acquisition is expected to help Deutsche Bank develop its alternative asset administration capabilities, the company said.
HedgeWorks, which was founded in 1999, provides independent administrative services to hedge funds, including investor services, fund accounting, net asset value calculation, and customized Web reporting for managers and investors.
It services over 100 hedge funds, including single-manager funds and funds of hedge funds.
