Denver-based Alps Fund Services has acquired Price Meadows, a hedge fund administrator based in Bellevue, Washington with more than USD6bn in assets under administration.

Denver-based Alps Fund Services has acquired Price Meadows, a hedge fund administrator based in Bellevue, Washington with more than USD6bn in assets under administration. The combined business, Alps Price Meadows, will operate as a division of Alps Fund Services.

Price Meadows was founded in 1987 by two former hedge fund managers, chief executive Kelley Price and president Rick Meadows, who will remain in day-to-day management of the new company together with Paul Garvey, Alps' director of alternative investment services. Garvey joined Alps last year after 17 years of industry experience including senior management positions with Bisys Hedge Fund Services and Investors Bank & Trust.

Price Meadows administers a range of hedge funds, funds of funds, private equity and other US-domiciled and offshore funds. The company has experience in various aspects of hedge fund operations including funds start-ups, structuring and organising new funds, portfolio investment management and partnership accounting, and currently provides administration services to some 200 funds domiciled in 30 US states, the British Virgin Islands and the Cayman Islands.

'Like Alps, Price Meadows is committed to providing excellent client service,' says Alps president Ned Burke. 'Alps Price Meadows combines the strengths of both firms to create a top-tier service provider to the alternative investment industry.'

Alps Fund Services currently offers a package of alternative investment services including fund establishment consultation, fund administration and accounting, shareholder servicing and tax services. It provides outsourced administration, compliance, creative services, fund accounting, legal, marketing, tax administration, transfer agency and shareholder services for open-ended, closed-ended, alternative and exchange-traded funds, and has some USD32bn in client fund assets under administration.

'Alps' robust control structure and leading technology platform will greatly enhance our ability to service a wider variety of clients and the needs of more institutional funds,' Price says.

Alps Price Meadows will service clients from offices in Bellevue, Denver and Boston, and the combined business has plans to expand its operations to the Cayman Islands and Europe.