Deutsche Bank acquires hedge fund

In a move Deutsche Bank officials hope will further advance its alternative-investment capabilities, the Frankfurt, Germany-based company has acquired a Southern California hedge fund with more than $10 billion in assets under management. Deutsche Bank officials announced yesterday the acquisition of Carlsbad, Calif.-based HedgeWorks, which services over 100 hedge funds including both single-manager funds and fund of hedge funds. The suburban San Diego company provides independent administrative services to hedge funds, including investor services, fund accounting, net asset value calculation and customized web reporting to managers and investors. “The acquisition enables us to further strengthen our service offering to the hedge fund industry, where Deutsche Bank already has strong relationships," said F. Jim Della Sala, head of Deutsche’s Structured Finance Services in Global Transaction Banking's Trust & Securities Services business. "HedgeWorks is a strong fit with our business.” Deutsche Bank currently offers administrative services to alternative asset managers across the globe including its offices in Ireland, Luxembourg, Mauritius, Delaware, the Cayman Islands and the Channel Islands.