Luxembourg-based fund and corporate services provider Alter Domus is to acquire Chicago-based asset servicing firm Cortland Capital Markets Services for an undisclosed sum.
Cortland, which has offices in New York, London, Los Angeles, Austin, Indianapolis, and China, provides third-party fund administration and middle and back-office outsourcing to financial institutions, including alternative investment managers, real estate private equity firms and credit funds.
It currently has over US$180 billion (€153 billion) of assets under administration.
All Cortland’s 400 employees are expected to transfer to Alter Domus as part of the deal.
Laurent Vanderweyen, Alter Domus’s chief executive, said that the acquisition formed part of his firm’s long-term strategy to develop the US market as one of its key locations in offering vertically-integrated services.
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