HedgeWorks, based in Carlsbad, CA, provides independent administrative services to hedge funds, including investor services, fund accounting, net asset value (NAV) calculation and customized web reporting to managers and investors.

It currently services over 100 hedge funds, including both single-manager funds and fund of hedge funds. In addition to its Carlsbad office, it has staff located in Boston and the Cayman Islands.

"HedgeWorks is a strong fit with our business. It complements our core strengths of providing high-quality third-party administrative services to the financial community, and the acquisition enables us to further strengthen our service offering to the hedge fund industry, where Deutsche Bank already has strong relationships," observed F. Jim Della Sala, Head of Structured Finance Services in Global Transaction Banking's Trust & Securities Services business.

"We welcome HedgeWorks' employees and clients, and we are confident that we will continue to provide the high-quality service that its clients have enjoyed to date," he added.

Christopher P. Nero, founder and CEO of HedgeWorks, stated that: "We believe Deutsche Bank's brand and international reach, together with HedgeWorks' industry-leading service proposition, will further enhance our client service and propel the business globally."

This acquisition aims to further develop Deutsche Bank's existing alternative asset administration capabilities. Deutsche Bank currently offers administrative services to alternative asset managers globally from its offices in the Cayman Islands, Delaware, the Channel Islands, Ireland, Luxembourg and Mauritius.