Cargill and its alternative investment management subsidiary, Black River Asset Management, today announced that on Jan. 1, the hedge fund service and administration unit will be spun off into an independent company, LaCrosse Global Fund Services. Black River Asset Management and Cargill's proprietary capital markets trading will continue to be handled by LaCrosse, according to a statement from Cargill.
About 150 employees are moving to the new company, which will be based in New York. Stuart Feffer and Christopher Kundro are co-CEOs of LaCrosse. Previously, the two were both managing directors and co-heads of the wealth and investment management practice at BearingPoint. Betsy Palmer, BearingPoint vice president of global corporate communications, was unable to provide further information by press time.