Deutsche Bank has acquired HedgeWorks, LLC, a hedge fund administrator with more than US$10 billion in assets under administration.

HedgeWorks provides independent administrative services to hedge funds, including investor services, fund accounting, net asset value calculation and customized web reporting to managers and investors. It currently services over 100 hedge funds, including both single-manager funds and fund of hedge funds. In addition to its Carlsbad head office, it has staff located in Boston and the Cayman Islands.

Terms of the deal were not announced. Deutsche Bank says this acquisition will help to further develop its’ existing alternative asset administration capabilities.

“HedgeWorks is a strong fit with our business. It complements our core strengths of providing high-quality third-party administrative services to the financial community, and the acquisition enables us to further strengthen our service offering to the hedge fund industry, where Deutsche Bank already has strong relationships,” said Jim Della Sala, head of structured finance services.