Terms of the deal were not disclosed.
Once the acquisition is complete, LaCrosse will have $21 billion in assets under administration (AUM) and more than 250 employees.
LaCrosse is a provider of operations, middle-office and administration services to managers of hedge funds. The company operates in nine locations, including Bogot?, Buenos Aires, Istanbul, London and Minneapolis.
According to LaCrosse co-CEO Chris Kundro, the acquisition is part of a larger trend in the hedge fund administration industry in the post-Madoff era.
“Since [the scandal] happened, we’ve seen a clear increase in demand for independent, third-party fund administration, not only here, but globally as well,” Kundro said in an interview. “Self-administration is now a dirty word.”