Fund and corporate services provider Alter Domus has signed an agreement to acquire US-based Cortland Capital Markets Services.
The terms of the transaction have not been disclosed and the transaction is subject to regulatory approvals and other closing conditions.
Headquartered in Chicago and with offices in New York, London, Los Angeles, Austin, Indianapolis, and China, Cortland is an investment services company. It provides third-party fund administration and middle and back-office outsourcing to financial institutions, including alternative investment managers, real estate private equity firms and credit funds.
It currently has over $180bn of assets under administration. The firm was founded in 2008 by Doug Hart CEO, Tim Houghton, Lora Peloquin and Russ Goldenberg, who are all former LaSalle Senior Executives.
Its more than 400 employees are all expected to join Alter Domus as part of the acquisition. Doug Hart will become Regional Executive North America and Country Executive US on completion of the transaction.
Laurent Vanderweyen, Chief Executive Officer of Alter Domus, said the acquisition marked “a major step in our long-term strategy to develop the US market as one of our key locations in offering vertically integrated services to our international client base”.
JP Morgan acted as financial adviser to Alter Domus, with PwC as FDD and tax adviser, and Clifford Chance and Skadden, Arps, Slate, Meagher & Flom as legal advisers.