Wells Fargo Buys Cargill HF Admin Unit

Wells Fargo & Co.is taking over the hedge fund administration and middle-office service providing unit ofCargill Inc.,The Wall Street Journalreports. The acquisition ofLaCrosse Global Fund Serviceswill help boost the financial services firm’s hedge-fund administration operations.

The move will also provide operational support, derivatives processing, bank debt processing and cash/collateral management services to the structured product services division inWells Fargo Corporate Trust Services. Financial terms of the deal have not been revealed.

Click here for the story fromThe Wall Street Journal.

Click here for additional coverage fromReuters.