Bank of New York Mellon has acquired Lamp Technologies, a Dallas-based provider of back office accounting and administration services to alternative investment firms. Financial terms of the deal have not been disclosed.
Formed in 1997, Lamp Technologies specialises in servicing alternative investment vehicles such as funds of hedge funds. The firm was originally spun off from the alternative investments specialist ATA Research.
Bank of New Mellon says the deal will strengthen its existing suite of administrative and accounting services for funds of hedge funds.
Art Certosimo, EVP at Bank of New York Mellon, says the acquisition also demonstrates the bank's "commitment to offer clients state-of-the-art technology, customised service solutions, and expanded reporting capabilities".
"Through continual product innovation, as offered through the Lamp technology platform, we enable clients to better focus on their core competency of managing money," adds Certosimo.