Sunday, 24 May 2015
Last updated 1 day ago
Nov 14 2012 | 11:35am ET
For the third time in a month, the number of hedge fund administrators is getting smaller through consolidation.
US Bancorp has struck a deal for alternative investments administrator AIS Fund Administration. AIS will be folded into the firm's US Bancorp Fund Services unit, which will boast $50 billion in assets under administration—twice as much as it managed without AIS.
Terms of the deal were not disclosed.
"This acquisition is another key step in US Bank's strategic growth of our securities services business," Terrence Dolan, vice chairman of US Bank Wealth Management & Securities Services, said. "This enables us to expand our fund servicing capabilities and complements our focus on corporate trust services."
"We believe the addition of US Bancorp's highly-regarded suite of services, such as custody, trust and other banking services, will provide significant benefit to our clients," AIS CEO Boris Tiomkin added.
In addition to $25 billion in assets under administration, AIS brings 176 employees in the U.S., U.K. and Cayman Islands to US Bank.
The deal is the third for a hedge fund administrator in the past month: SS&C Technologies Holdings bought Hedgemetrix in October, and this week Maitland Group acquired Admiral Administration.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…