About U.S. Bancorp Fund ServicesHeadquartered 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. BancorpU.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. About AISWith 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.
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.