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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV