U.S. Bank has launched its exchange-traded fund (ETF) services in Europe.
The services will provide U.S. Bank’s clients with fund administration, transfer agency, depositary and global custody solutions, as well as a number of specialised European exchange-traded fund services.
U.S. Bank has already gained its first client for this offering — Horizon Kinetics, a capital markets company.
U.S. Bank will support Horizon Kinetics’ European version of their Inflation Beneficiaries ETF, an actively managed fund that seeks to address inflation. The fund is structured as a UCITS ETF and will initially trade on Euronext Amsterdam.
With this launch of ETF servicing in Europe, U.S. Bank is also expanding its relationship with Intercontinental Exchange (ICE) as it adopts the ICE ETF Hub as a front-end and order entry platform for its ETF clients.
Ken Somerville, head of U.S. Bank global fund services, Ireland, says: “We are proud to bring this capability to Europe and work with Horizon Kinetics as they roll out this exciting new product.
“We are in a position to service both existing U.S. Bank ETF relationships who plan to expand their ETF distribution into Europe, as well as new clients aiming to launch funds in the European ETF space. Our team is proud to bring the best of U.S. Bank to both sides of the Atlantic with a global operating model that can accommodate both US and European UCITS funds in a single platform.”
Alun Williams, chief operating officer at Horizon Kinetics, adds: “This is a new market for us and we are delighted that the U.S. Bank is able to guide us with on-the-ground expertise.”
