U.S. Bancorp's hedge fund administration business has struck a deal for Irish administrator Quintillion.
Terms of the deal were not disclosed, but it will add 53 employees and $18 billion in assets under administration to U.S. Bancorp Fund Services. The combined firm will have $832 billion in assets under administration, $84 billion of which are alternative assets.
"This acquisition continues to showcase the long-term commitment of U.S. Bancorp to grow our securities services business," Terrance Dolan, vice chairman of the firm's wealth management and securities services businesses, said. "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."
"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," Joan Kehoe, CEO of Quintillion, which was founded in 2006, said. "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."
U.S. Bancorp's deal for Quintillion comes just over a year after it agreed to buy AIS Fund Administration.