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.”
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