MINNEAPOLIS--(BUSINESS WIRE)--May. 29, 2009--
U.S. Bancorp (NYSE: USB) announced today that Seer Capital Partners
Master Fund L.P. selected U.S. Bank Corporate Trust Services as
custodian and U.S. Bancorp Fund Services, LLC (USBFS) as fund
administrator for its recently established master fund. Seer Capital
Master Fund L.P. will purchase TALF-eligible asset-backed securities
(ABS) and commercial mortgage-backed securities bonds (CMBS). U.S.
Bancorp is the parent company of U.S. Bank and USBFS.
Seer Capital Master Fund L.P. is managed by Seer Capital Management L.P.
located in New York City. Seer Capital Management is an independent
investment firm founded by Phillip Weingord, formerly head of Global
Markets America with Deutsche Bank. Seer Capital Management specializes
in securitized products within the fixed income market including ABS,
residential mortgage-backed securities and CMBS.
“We chose U.S. Bank Corporate Trust Services as our business partner for
custodial services and USBFS for our fund administration because of
their knowledge, experience, flexibility and service,” said Chris
Schoen, principal and portfolio manager, Seer Capital Management L.P.
(formerly managing director at Credit Suisse). “U.S. Bancorp is a well
established service provider within the securitization market and is a
proven market leader.”
U.S. Bank Corporate Trust Services is one of the nation’s largest
providers of corporate trust services, administering a diverse portfolio
of approximately 666,944 bondholders and more than 121,000 client issues
representing more than $2.1 trillion in outstanding municipal,
corporate, asset-backed and international securities.
Headquartered in Milwaukee since 1969, U.S. Bancorp Fund Services, LLC
currently provides services to more than 275 fund families, with over
1,600 portfolios and 1,800 fund classes and administers 4.4 million
shareholder accounts with $475 billion in client assets. U.S. Bancorp
Fund Services' clients include mutual funds, investment partnerships,
hedge funds, separately managed accounts, fund-of-funds, and offshore
U.S. Bancorp, with $264 billion in assets, the parent company of U.S.
Bank, is the 6th largest commercial bank in the United States. The
company operates 2,847 banking offices and 5,183 ATMs in 24 states, and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Source: U.S. Bancorp
Steve Dale, Media Relations, 612-303-0784