Dallas investment administrator Lamp Technologies acquired by Bank of New York Mellon

by PegNews wire

DALLAS — The Bank of New York Mellon, an asset management and securities servicing firm, announced today that it has acquired the fund of hedge funds administrative services business of LAMP Technologies LLC, a Dallas-based alternative investment administrator.

Formed in 1997, LAMP Technologies specializes in servicing alternative investment vehicles such as funds of hedge funds. Terms of the agreement were not disclosed.

"By becoming part of The Bank of New York Mellon, clients will now have a single, comprehensive source for their complex and evolving investment servicing needs," said Aladin Abughazaleh, chief executive officer of LAMP Technologies and now a member of The Bank of New York Mellon team. "Fund of hedge fund managers will greatly benefit from the extensive range of services they'll be able to access on an integrated basis, including a market-leading web-based reporting tool for fund assets which will provide the level of transparency that our clients need."

The Bank of New York Mellon is a leading hedge fund administrator with more than $200 billion in assets under administration and an extensive global presence, including locations in Bermuda, Cayman Islands, Hong Kong, Ireland, Luxembourg, Singapore and the United Kingdom, as well as US offices in California, Florida, Massachusetts, New Jersey, New York, Pennsylvania and Texas. In addition to hedge fund administration the company offers a wide range of accounting, cash management, collateral management, custody, corporate trust, asset management and wealth management services to the hedge fund industry.

Source: Bank of New York Mellon