U.S. Bancorp Unit to Buy Irish Hedge Fund Administrator

By Sarah Todd November 20, 2013, 11:19 a.m. EST 1 Min Read

Law and regulation

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U.S. Bancorp Unit to Buy AIS Fund Administration

U.S. Bancorp is beefing up its business that administers funds on behalf of investment managers with a deal to buy AIS Fund Administration, a provider of administration services for hedge funds.

By Brian Browdie

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A U.S. Bancorp (USB) subsidiary has agreed to acquire the Irish hedge fund administrator Quintillion.

The deal is part of an effort by U.S. Bancorp Fund Services to expand its alternative investment servicing business in Europe, according to a press release Wednesday. The transaction will give U.S. Bancorp Fund Services an additional $18 billion in assets and 53 employees in Dublin.

The financial terms of the sale were not disclosed.

U.S. Bancorp Fund Services has offices in Milwaukee, New Jersey, Cayman Islands, London and Dublin. The $361 billion-asset U.S. Bancorp is based in Minneapolis.

Sarah Todd

Deputy Editor, BankThink

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