MILWAUKEE – Milwaukee’s U.S. Bancorp Fund Services LLC on
Wednesday said it plans to acquire a hedge fund administrator in
U.S. Bancorp Fund Services, which handles back-office and
administrative tasks for mutual funds and other financial
industry businesses, said the purchase of Dublin-based
Quintillion Limited will add $18 billion to funds under
The company said it's in line with its strategy of expanding in
the alternative investment market in Europe.
Financial terms of the acquisition weren’t disclosed.
"This acquisition continues to showcase the long-term commitment
of U.S. Bancorp to grow our securities services business,” said
Terrance Dolan, vice chairman of U.S. Bancorp Wealth Management
and Securities Services. "This enables us to enhance our
European presence through additional talented re-sources, and
complements our focus on the expansion and diversification of
our alternative investment business."
As part of the deal, U.S. Bancorp will take on 53 Dublin-based
employees. U.S. Bancorp Fund Services will have more than 1,100
employees with offices in Milwaukee, New Jersey, Cayman Islands,
London and Dublin.
U.S. Bancorp Fund Services will support $838 billion in assets
under administration for more than 2,900 funds with the
"This transaction allows us to expand our operations in Europe
by adding a significant presence in Dublin, an important
financial hub," said Joe Redwine, president of U.S. Bancorp Fund
Quintillion was started in 2006 and offers accounting and
investor service professionals and technology to its customers.