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.”
About QuintillionQuintillion 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 ServicesU.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. BancorpMinneapolis-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 events.