MILWAUKEE--(BUSINESS WIRE)--Nov. 20, 2013--
U.S. Bancorp Fund Services, LLC, a subsidiary of U.S. Bancorp (NYSE:
USB), announced it has agreed to acquire Quintillion Limited
(Quintillion), an Ireland domiciled full-service hedge fund
administrator. The announcement supports U.S. Bancorp Fund Services’
strategic initiative to expand its alternative investment servicing
network supporting the European investment community.
“This acquisition continues to showcase the long-term commitment of U.S.
Bancorp to grow our securities services business,” said Terrance Dolan,
vice chairman of U.S. Bancorp Wealth Management & Securities Services.
“This enables us to enhance our European presence through additional
talented resources, and complements our focus on the expansion and
diversification of our alternative investment business.”
The transaction adds $18 billion in hedge fund assets under
administration and 53 Dublin-based employees to U.S. Bancorp Fund
Services existing alternative investment business. U.S. Bancorp Fund
Services will now have more than 1,100 associates with operational
offices in Milwaukee, New Jersey, Cayman Islands, London and Dublin. The
combined businesses will support $832 billion in assets under
administration for more than 2,900 funds, including $84 billion of
alternative investment assets for investment managers.
“This transaction allows us to expand our operations in Europe by adding
a significant presence in Dublin, an important financial hub,” said Joe
Redwine, president of U.S. Bancorp Fund Services. “We are pleased to
have Quintillion join our team, and believe new and existing clients
will benefit from a growing servicing partnership founded on providing
strong technology solutions coupled with industry-leading expertise."
Clients of the combined organization will experience a seamless
integration due to consistency in technology applications, with an
enhanced set of combined capabilities to meet their full set of
servicing needs. “We are excited to become part of a growing team and a
company with a similar set of core values and approach to customer
service,” said Joan Kehoe, chief executive officer of Quintillion. “We
believe U.S. Bancorp's financial strength and highly-regarded service
offerings, such as expanded custody, trust, and other banking services,
will provide significant benefits to our clients.”
Quintillion is an independent fund
administration company based in Dublin’s IFSC. Launched in 2006, the
firm offers experienced accounting and investor services professionals,
coupled with leading technologies which are deployed in an innovative
manner and are at the core of our ability to deliver superior fund
administration solutions. Quintillion is authorized and regulated by the
Central Bank of Ireland under the Investment Intermediaries Act, 1995.
About U.S. Bancorp Fund Services
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 443 fund families comprised of 2,868 portfolios, 3,123 fund
classes, and 3.7 million shareholder accounts with $814 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
Minneapolis-based U.S. Bancorp, with $361
billion in assets as of September 30, 2013, is the parent company
of U.S. Bank, the fifth largest commercial bank in the United States.
The Company operates 3,088 banking offices in 25 states and 4,937 ATMs
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.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding U.S. Bancorp's
business which are not historical facts are "forward-looking statements"
that involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from
expectations, see U.S. Bancorp’s Annual Report on Form 10-K for the year
ended December 31, 2012, including the sections entitled "Risk Factors"
and “Corporate Risk Profile” contained in Exhibit 13, and all subsequent
filings with the Securities and Exchange Commission under
Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of
1934. However, factors other than these also could adversely affect U.S.
Bancorp’s results, and you should not consider these factors to be a
complete set of all potential risks or uncertainties. Forward-looking
statements speak only as of the date hereof, and U.S. Bancorp undertakes
no obligation to update them in light of new information or future
Source: U.S. Bancorp
Tom Joyce, Public Relations, 612-303-3167
Murphy, Investor Relations, 612-303-0783
Marketing Manager, 414-765-5758