ALPS, a subsidiary of DST Systems, has agreed to acquire hedge fund administrator Kaufman Rossin Fund Services for $95m.

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Kaufman Rossin Fund Services provides administrative, accounting and other services to hedge funds and institutional investors.

The deal is scheduled to complete in the first quarter of 2016.

ALPS CEO Ned Burke said: "The combined operations are expected to enable us to expand our service offering into some of the fastest growing segments of alternatives administration."

Kaufman Rossin managing principal Blain Heckaman said: "This deal will also strengthen Kaufman Rossin, the CPA and advisory firm, allowing us to focus on our core practice, to improve our clients’ businesses and help protect them from risk."

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KRFS co-founder and director Jorge R. de Cardenas said: "Together with ALPS, I believe we will be in position to accelerate our investment in helping clients protect themselves from risk and improve business performance."