Kaufman Rossin Sells Portion of Business

Talk about last minute holiday shopping.

Miami-based Kaufman Rossin announced Thursday that it had entered into an agreement with Denver, Colorado-based ALPS to sell its affiliate, Kaufman Rossin Fund Services, for $95 million.

The deal is good news for Kaufman Rossin’s employees. “The firm will share in the proceeds of the sale with employees,” said Josh Merkin, a spokesman for the firm.

The transaction is expected to close in the first quarter of 2016.

ALPS is a subsidiary of DST Systems (NYSE: DST), and provides products and services to the financial services industry. KRFS is a full-service provider of specialized administration services and offers hedge fund services like back-office outsource and customized reporting. The firm has offices in Miami, Boston, San Francisco, Dallas and Grand Cayman.

“KRFS clients should expect the same top-tier service with a larger platform to satisfy institutional investors who demand larger administrators,” Blain Heckaman, Kaufman Rossin managing principal said in a statement. “This deal will also strengthen Kaufman Rossin, the CPA and advisory firm, allowing us to focus on our core practice, to improve our clients’ businesses and help protect them from risk.”