Alter Domus acquires US fund services provider
Fund administrator Alter Domus has acquired a US-based fund services provider, the Luxembourg company said on Monday.
The Luxembourg firm acquired Investors Economic Assurance, which was founded in 2000 in New York, and provides accounting, administrative and advisory services to people working in investment management.
Alter Domus, which was founded 15 years ago and employs around 800 people in Luxembourg, has made a number of acquisitions in the US over the last year, in a bid to expand its business further across the Atlantic.
The company said at the start of this year that it would acquire sector peer Strata Fund Solutions LLC and in December last year, the company acquired IPS Fund Services LLC, a Boston-based fund administrator. It then announced the acquisition of UK-based technology platform Credit-Vision Limited, which provides portfolio management and financial analysis.
The Luxembourg company administers over $1 trillion (€839 billion) assets globally and generates close to 40% of its revenues from the US market, the company said in a press release on Monday, and has a team of more than 2,500 fund administration and accounting experts.
Luxembourg is the second-largest fund administration centre in the world after the US, with around €4.6 trillion under management.