Alter Domus continues acquisition tear with IEA

The firm announced the acquisition of Investors Economic Assurance. It is the fund administrator’s third US-based acquisition in six months.

Luxembourg-based fund administrator Alter Domus has acquired Investors Economic Assurance, a Manhattan-based technology services business that specializes in capital administration, including waterfall calculations and carried-interest allocations.

The deal adds IEA’s 22-strong team and more than $54 billion in assets under management to Alter Domus’s platform, the firm said.

It is the latest in a series of acquisitions for the more-than $1 trillion AUM Alter Domus. In December, it announced it was buying UK-based technology platform Credit-Vision Limited, a web-based front- and middle-office technology platform providing portfolio management and financial analysis to private debt investors and debt capital markets professionals. Also in December, Alter Domus acquired IPS Fund Services, a Boston-based fund administrator for private equity and venture capital funds. The firm then bought Strata Fund Solutions, a US-focused fund administrator, in February. Last week, it launched an Alternative Investment Fund Manager (AIFM) and specialized depositary services in Ireland after buying up Beechbrook Capital’s Irish AIFM.

IEA’s founder, Gary Shelto, and the rest of the team will report to Paul Woods, regional executive for North America at Alter Domus.

Speaking with Private Funds CFO, Woods said the firm will continue to be open to further acquisitions. “Alter Domus believes that technology is going to be a key differentiator going forward,” he said. “So we’re going to continue to keep our eyes and ears open to different ideas, to enable us to enhance our technology capability to meet the evolving needs about clients.”

He added that, while Alter Domus has a presence in North America, EMEA and APAC, “there are interesting locations in which we do not have a service footprint” yet. “We’re open to establishing service footprints in locations to meet the local needs of our clients.”