The move comes roughly six months after the company acquired Strata Funds in Salt Lake City, a leading fund administrator serving US private equity and venture capital funds.

“North America continues to be one of the strongest growth markets for Alter Domus. Our unique heritage as a Luxembourg-based fund administrator with more than 50% of clients in the US has always been a source of strength for our global client service capabilities,” said Alter Domus group CEO Doug Hart in a statement.

“We are pleased to bring on the IEA team and the incredible technology platform they have built and mastered over the years in our third US acquisition in six months,” he said.

IEA provides operational support and experience in accounting, technology and operations spanning application development, systems integration and delivery of full lifecycle system implementations.

The transaction adds 22 specialists in alternative investment asset servicing and fund administration to the group and more than $54bn of assets under administration.

“IEA’s proprietary technology platforms will offer benefits to all Alter Domus’ clients and significant revenue synergy potential, allowing Alter Domus to offer IEA’s tech-enabled services to the combined global client base. IEA also contributes to strengthening Alter Domus’ Manhattan office and coast-to-coast footprint,” the company said.

Alter Domus administers over $1trn assets globally and generates close to 40% of its revenues from the US market. In December 2020, it integrated IPS Fund Services, a Boston-based fund administrator serving private equity and venture capital funds.

Alter Domus and IEA did not disclose the value of the transaction.

Alter Domus was founded in Luxembourg in 2003, where it employs more than 800 staff. Across 35 offices in 20 countries, it counts around 3,000 employees.