Money Management Executive
BISYS to Acquire Hedge Fund Administrator
December 22, 2004, 1:00 a.m. EST 1 Min Read
BISYS announced Tuesday it has signed a definitive agreement to acquire RK Consulting, a hedge fund and private equity administration company that is an affiliate of international accounting and consulting firm Rothstein Kass. The companies didnt disclose terms of the deal. Upon closing, BISYS will have more than $180 billion in hedge fund and private equity assets under administration.
BISYS President and CEO Russ Fradin said his company was interested in buying RK Consulting in order to expand its alternative investment business. With a strong reputation in the alternative investment industry and a complementary geographic footprint, particularly in New York, Fradin said, RK Consulting is an "ideal partner."
RK Consulting put itself on the block to eliminate questions of independence from its parent company, said Maury Cartine, managing partner of RK Consulting. It decided to partner with BISYS because it "enjoys a position of leadership in our industry," Cartine said.
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