Bank of New York Mellon has acquired the fund of hedge funds administrative services business of Lamp Technologies, a Dallas-based alternative investment administrator established in 1997,

Bank of New York Mellon has acquired the fund of hedge funds administrative services business of Lamp Technologies, a Dallas-based alternative investment administrator established in 1997, on undisclosed terms.

'This acquisition attests to our commitment to offer clients state-of-the-art technology, customised service solutions and expanded reporting capabilities,' says BNY Mellon executive vice-president Art Certosimo. 'We welcome Lamp's fund of hedge funds servicing professionals to our organisation, which will further strengthen and broaden our team.

'Through continual product innovation, as offered through the Lamp technology platform, we enable clients to better focus on their core competency of managing money while achieving additional alpha through operational excellence.'

Aladin Abughazaleh, chief executive of Lamp Technologies and now a member of the BNY Mellon team, says: 'By becoming part of Bank of New York Mellon, clients will now have a single, comprehensive source for their complex and evolving investment servicing needs.

'Fund of hedge fund managers will benefit greatly from the extensive range of services they'll be able to access on an integrated basis, including a market-leading web-based reporting tool for fund assets that will provide the level of transparency our clients need.'

BNY Mellon is one of the largest global hedge fund service providers with more than USD200bn and offices in Bermuda, the Cayman Islands, Hong Kong, Ireland, Luxembourg, Singapore and the UK as well as US operations in California, Florida, Massachusetts, New Jersey, New York, Pennsylvania and Texas.

In addition to hedge fund administration, the firm offers a wide range of accounting, cash management, collateral management, custody, corporate trust, asset management and wealth management services to the hedge fund industry. Bank of New York Mellon Corporation has in total more than USD23trn in assets under custody and administration and more than USD1.1trn in assets under management, and services USD12trn in outstanding debt.