MILWAUKEE--(BUSINESS WIRE)--Nov. 13, 2012--
U.S. Bancorp Fund Services, LLC (“USBFS”), a subsidiary of U.S. Bancorp
(NYSE:USB), announced it has agreed to acquire AIS Fund Administration
(“AIS”), a leading provider of fund administration and related services
to alternative investment managers.
The transaction adds approximately $25 billion in hedge fund assets
under administration to U.S. Bancorp Fund Services’ existing alternative
investments business, along with 176 employees in New Jersey, the United
Kingdom and the Cayman Islands. With this transaction, USBFS will
service $50 billion in alternative investment assets and create a
best-of-breed middle-office and back-office services platform to provide
a wide range of support services to fund managers and investors across
the alternative asset spectrum.
Terrance Dolan, vice chairman, U.S. Bank Wealth Management & Securities
Services, said, “This acquisition is another key step in U.S. Bank’s
strategic growth of our securities services business. This enables us to
expand our fund servicing capabilities and complements our focus on
corporate trust services.”
“This is an important acquisition for U.S. Bancorp Fund Services as it
demonstrates our long term commitment to becoming an alternative
investment services leader,” said Joe Redwine, president, U.S. Bancorp
Fund Services. “We are pleased that the AIS organization will become
part of our team and continue the tradition of innovation and superior
service that both organizations are known for in the industry.”
“We are excited to become a part of the U.S. Bancorp team, an
organization that shares AIS' mission, values and approach to customer
service,” said Boris Tiomkin, CEO of AIS Fund Administration. “We
believe the addition of U.S. Bancorp's highly regarded suite of
services, such as custody, trust, and other banking services, will
provide significant benefits to our clients.”
Current clients of both organizations will continue to work with the
same teams, while also benefiting from an enhanced suite of operational
capabilities and services to help meet their business objectives. The
transaction is subject to regulatory approval.
About U.S. Bancorp Fund Services
Headquartered in Milwaukee
since 1969, U.S. Bancorp Fund Services, LLC provides single-source
solutions to support a variety of investment strategies and products
including mutual funds, alternative investments, open-end, closed-end,
and exchange traded funds. The division currently services 349 fund
families comprised of 2,240 portfolios, 2,427 fund classes, and 4.1
million shareholder accounts with $680 billion in client assets. U.S.
Bancorp Fund Services is a subsidiary of U.S. Bank, the fifth largest
commercial bank in the United States. Visit U.S. Bancorp Fund Services
on the web at www.usbfs.com.
About U.S. Bancorp
U.S. Bancorp, with $352 billion in assets
as of Sept. 30, 2012, is the parent company of U.S. Bank, the 5th
largest commercial bank in the United States. The company operates 3,086
banking offices in 25 states and 5,080 ATMs and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and
payment services products to consumers, businesses and institutions.
U.S. Bancorp and its employees are dedicated to improving the
communities they serve, for which the company earned the 2011 Spirit of
America Award, the highest honor bestowed on a company by United Way.
Visit U.S. Bancorp at www.usbank.com.
With offices in Hackensack, New Jersey, London,
and the Cayman Islands, AIS provides fund administration and middle- and
back-office services to hedge funds. Founded in 2002, AIS offers a
comprehensive service platform to leading hedge fund managers. AIS
administers approximately $25 billion in assets. Since inception, AIS
has earned a reputation as a leader in the administration of fixed
income assets, mortgage- and asset-backed instruments, derivatives,
equities and other assets through its proven ability to provide
solutions for complex fund structures and strategies. Further
information about AIS can be found at www.aisgrp.com.
Source: U.S. Bancorp Fund Services
Tom Joyce, Public Relations
Murphy, Investor Relations
Mark Pawlyshyn, Marketing Manager