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USB adds to hedge fund services
Mark Anderson//November 15, 2012//
Listen to this articleU.S. Bancorp Fund Services, LLC, a Milwaukee-based subsidiary of U.S. Bancorp, is acquiring AIS Fund Administration, which provides administration services for $25 billion in hedge fund assets.
The U.S. Bancorp unit currently services 349 fund families with $680 billion in client assets.
The acquisition also adds 176 employees in New Jersey, the United Kingdom and the Cayman Islands to the U.S. Bancorp payroll. With this transaction, USBFS will service $50 billion in alternative investment assets and strengthen a middle-office and back-office services platform to provide support services to fund managers and investors across the alternative asset spectrum.
Terrance Dolan, vice chairman of U.S. Bank Wealth Management & Securities Services, said the expansion enables his company to complement its traditional focus on corporate trust services.
Current clients of both organizations will continue to work with the same teams, but will have access to increased capabilities that the combination provides.
The transaction is subject to regulatory approval.
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