US Bancorp subsidiary purchases Quintillon to expand its alternative investment business in Europe
US Bancorp Fund Services, LLC made an announcement of its acquisition of full-service hedge fund administrator Quintillion Limited. The acquisition of the US Bancorp subsidiary of the Ireland-based firm was a strategic one, as the former intended to expand its network in alternative investment services in the investment community in Europe. US Bancorp is the parent of the fifth largest commercial bank in the United States, which is US Bank. No financial details were disclosed regarding the transaction.
US Bancorp Wealth Management & Securities Services vice chairman Terrance Dolan said about his company's latest acquisition, "This acquisition continues to showcase the long-term commitment of U.S. Bancorp to grow our securities services business. 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."
US Bancorp Fund Services president Joe Redwine emphasized how its latest acquisition was key to the company's expansion. "This transaction allows us to expand our operations in Europe by adding a significant presence in Dublin, an important financial hub. We are pleased to have Quintillion join our team, and believe new and existing clients will benefit from a growing servicing partnership founded on providing strong technology solutions coupled with industry-leading expertise."
The consolidation of Quintillion and US Bancorp Fund would promptly add the former's hedge fund assets it is managing worth USD18 billion and absorb all 53 employees in Dublin to the latter's team. The newly-merged company would result to an increased workforce of US Bancorp Fund to over 1,100 and will expand its global reach with the additional key headquarters in Dublin. US Bancorp Fund also has headquarters in Cayman Islands, London, Milwaukee and New Jersey. The combined company would be managing assets with an aggregate value of USD832 billion, and will provide support to more than 2,900 funds. USD84 billion of the total assets are in alternative investment assets.
Chief executive officer of Quintillion Joan Kehoe said about the consolidation, "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. 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."