North Street Global Fund Services has wrapped up the acquisition of Los Angeles-based hedge fund administrator Hedge Solutions.
North Street Global Fund Services COO, Joseph Musto, who co-headed the acquisition team stated, "Hedge Solutions is a great fit into the North Street Global family and further acts as a clear indication of our commitment to growing our resources to better serve our clients."
The latest buy out that boosted North Street Global geographically to the west coast represents its second such transaction in the last 12 months.
Under the terms of the deal, North Street will keep Hedge Solutions’ staffed Los Angeles office on Wilshire Blvd and has retained former Hedge Solutions president, Scott Cohen, as managing director; Head of West Coast operations.
Cohen established Hedge Solutions in 2005. Before that he worked at Rothstein Kass and Ernst & Young and has successfully guided the launch of over 50 funds during his 17 year career.
In his new role, Cohen will be based out of the company’s west coast office and will report to Dean Betzios, North Street’s fund services Global Head of Sales.
"We are excited by the new additions to our existing alternative investment business and look forward to carrying our growth momentum through the remainder of the year," Betzios said.