North Street Global Fund Services has purchased Los Angeles hedge fund administrator Hedge Solutions Inc. for an undisclosed amount.
North Street, a New York-based alternative asset manager, will retain Hedge Solutions' Los Angeles office and company president Scott Cohen as managing director of west coast operations.
The buyer is a subsidiary of financial services group North Street Global, which provides alternative asset fund administration and investor services to hedge funds, private equity and real estate funds and family offices.
Paul Marino and Robert Cromwell of Marino Partners LLP provided North Street with legal advice for the deal.
Other recent financial services deals nclude Affiliated Managers Group Inc.'s March purchase of River Road Asset Management LLC, a U.S. equities manager, and the Carlyle Group's (Nasdaq: CG) November deal for hedge fund manager Diversified Global Asset Corp.