US Bancorp Fund Services, a subsidiary of US Bancorp has agreed to acquire Quintillion Limited, a full-service hedge fund administrator domiciled in Ireland.
Terrance Dolan, vice chairman of U.S. Bancorp wealth management & securities services, said: “This acquisition continues to showcase the long-term commitment of U.S. Bancorp to grow our securities services business. 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 Bancorp's existing alternative investment business.
The combined businesses will support $832 billion in assets under administration for more than 2900 funds, including $84 billion of alternative investment assets for investment managers.
Joe Redwine, president of U.S. Bancorp fund services, said: “This transaction allows us to expand our operations in Europe by adding a significant presence in Dublin, an important financial hub. 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."
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