US Bancorp Fund Services’s acquisition of AIS Fund Administration will add approximately $25 billion in hedge fund AUA to its existing alternative investment business.
The firm currently provides single-source solutions to support investment strategies and products, including mutual funds, alternative investments, open-end, closed-end, and exchange traded funds, and it services 349 fund families comprised of 2240 portfolios, 2427 fund classes, and 4.1 million shareholder accounts with $680 billion in client assets.
With its purchase of the AIS Fund Administration, which provides fund administration and middle- and back-office services to hedge funds, US Bancorp Fund Services will service $50 billion in alternative investment assets. The transaction will also add 176 employees in New Jersey, the UK and the Cayman Islands to its staff.
The terms of the deal were not disclosed.
Joe Redwine, president of US Bancorp Fund Services, said: “This is an important acquisition for US Bancorp Fund Services as it demonstrates our long term commitment to becoming an alternative investment services leader.”
“We are pleased that the AIS organisation will become part of our team and continue the tradition of innovation and superior service that both organisations are known for in the industry.”
Boris Tiomkin, CEO of AIS Fund Administration, said: “We are excited to become a part of the US Bancorp team, an organisation that shares AIS' mission, values and approach to customer service.”
“We believe the addition of US Bancorp's highly regarded suite of services, such as custody, trust, and other banking services, will provide significant benefits to our clients.”
