LaCrosse Global Fund Services has announced it has agreed to acquire the global alternative fund administration business of Bank of America Merrill Lynch, subject to regulatory approval. Terms of the deal were not disclosed. Once the acquisition is complete, LaCrosse will have more than $21 billion in assets under administration and more than 250 employees.

Bank of America Merrill Lynch continues to provide a range of other services to hedge fund clients, including prime brokerage, custody, trust, escrow, cash management and agency services.

“Our company offers the most complete set of administration, operations and middle-office services in the industry,” said LaCrosse Global Fund Services Co-Chief Executive Officer Stuart Feffer. “In addition to bringing strong client relationships and a great team, this acquisition adds to our support capabilities for fund of funds and onshore European vehicles, including UCITS.”

“We look forward to continuing to support a wide range of strategies run by global portfolio managers, covering fixed income, distressed debt, structured credit, equities, currencies, commodities and a full range of related derivatives," said LaCrosse Global Fund Services Co-Chief Executive Officer Christopher Kundro.