Morgan Chase snaps up hedge fund administrator

J.P. Morgan Chase agreed to acquire privately held hedge fund administrator Tranaut Fund Administration, according to a news release from J.P. Morgan Chase. The acquisition is expected to close during the third quarter, subject to regulatory approval. Terms of the deal were not disclosed. Tranaut will be part of the services J.P. Morgan Chase currently offers to hedge funds and other institutional investors. Further details were not available by press time.