U.S. Bancorp (USB) is beefing up its business that administers funds on behalf of investment managers.

The $352 billion-asset company said Tuesday that its U.S. Bancorp Fund Services unit would buy AIS Fund Administration, a provider of administration services for hedge funds. The deal, which is subject to regulatory approval, would add roughly $25 billion in assets to U.S. Bancorp's fund administration business and double the total of alternative investment assets the company administers.

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