Wells Fargo & Co. is taking over the hedge fund administration and middle-office service providing unit of Cargill Inc., The Wall Street Journal reports. The acquisition of LaCrosse Global Fund Services will help boost the financial services firm’s hedge-fund administration operations.
The move will also provide operational support, derivatives processing, bank debt processing and cash/collateral management services to the structured product services division in Wells Fargo Corporate Trust Services. Financial terms of the deal have not been revealed.
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